ApeCoin’s (APE) Price Under Threat As Massive Sell Pressure Sparks Concerns

CoingapePublished on 2023-02-27Last updated on 2023-02-27

Abstract

Several market indicators and on-chain metrics for APE indicate increased selling pressure which may adversely affect ApeCoin's (APE) price.

ApeCoin is a relatively new cryptocurrency, having only been introduced in the year 2021. However, during this relatively brief period of time, the NFT-based token has been on a roller-coaster ride in the crypto market, reaching new heights while simultaneously testing lower lows. Currently, the price of Apecoin (APE) is flashing bearish indications due to brewing sell pressure.

APE’s Bearish Outlook

According to on-chain market data, there have been verified claims that point towards an address “0x4BE5” transferring close to 463,137 APE over to Binance exchange. At the current price, this translates to a cost greater than $2.3 billion. This recent APE transfer sheds light on the prospect of incoming selling pressure, which has the potential to drive down the price of APE in the coming days.

Not only this, but even APE’s technical indicators reveal evidence of bearish inclination as it points out that sellers are presently in control of the price. As summarised by the moving averages, APE’s technical (TA) indicators at CoinGape’s price tracker recommend a sell position, where it suggests “sell” at level 11 and a “buy” at level 5.

Weak Technical Indicators

Moreover, further bearish signs emerged when the relative strength index (RSI) for APE fell below the neutral value. On the other side, the distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA reduced, which showed that the bears were poised to take control of the market. During this period, APE’s exchange inflow also jumped dramatically on multiple occasions in the past few days, which is another indication of rising selling pressure.

In addition, according to Crypto Tony, a cryptocurrency expert, the price of APE needs to turn the supply zone at $5.35 into a support level before there is any possibility of carrying out a long position for the altcoin. This seems to be the only condition under which such a possibility exists.

As things currently stand, the price of Apecoin (APE) is currently trading at $5.11 which represents an increase of 1.41% over the past 24 hours, in contrast to a decline of 9.50% over the last seven days, at press time.

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How to Buy APE

Welcome to HTX.com! We've made purchasing ApeCoin (APE) simple and convenient. Follow our step-by-step guide to embark on your crypto journey.Step 1: Create Your HTX AccountUse your email or phone number to sign up for a free account on HTX. Experience a hassle-free registration journey and unlock all features.Get My AccountStep 2: Go to Buy Crypto and Choose Your Payment MethodCredit/Debit Card: Use your Visa or Mastercard to buy ApeCoin (APE) instantly.Balance: Use funds from your HTX account balance to trade seamlessly.Third Parties: We've added popular payment methods such as Google Pay and Apple Pay to enhance convenience.P2P: Trade directly with other users on HTX.Over-the-Counter (OTC): We offer tailor-made services and competitive exchange rates for traders.Step 3: Store Your ApeCoin (APE)After purchasing your ApeCoin (APE), store it in your HTX account. Alternatively, you can send it elsewhere via blockchain transfer or use it to trade other cryptocurrencies.Step 4: Trade ApeCoin (APE)Easily trade ApeCoin (APE) on HTX's spot market. Simply access your account, select your trading pair, execute your trades, and monitor in real-time. We offer a user-friendly experience for both beginners and seasoned traders.

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Creator of Asia Pacific Electronic Coin ($APECoin) While the details regarding the individual creator of $APECoin are not publicly disclosed, the project is significantly backed by the APEC Group, a consortium focused on advocating for environmental initiatives. This backing adds credibility and significance to the project, connecting it to a broader network committed to sustainability and eco-friendly practices. Investors of Asia Pacific Electronic Coin ($APECoin) The investment landscape surrounding $APECoin remains largely undisclosed. Specific names of investment foundations or organizations supporting this cryptocurrency have yet to be revealed. However, what is evident is a growing interest among investors keen on supporting sustainable projects that demonstrate potential for impact in the crypto space. How does Asia Pacific Electronic Coin ($APECoin) work? $APECoin stands out due to its innovative operational model, which leverages blockchain technology and smart contracts. 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