ApeCoin is Going to Zero as APE Price Plummets 40% in a Month But Green Crypto ecoterra Just Raised $5.2 Million – What Does it Do?
ApeCoin (APE) has been a hot topic of conversation in the cryptocurrency market lately, but not for all the right reasons.
Despite a significant increase of 76.16% earlier this year, the cryptocurrency has since taken a sharp decline, losing nearly 68% of its value from its year-to-date high.
Can ApeCoin make a comeback or is it on a downward spiral toward zero?
The 20-day EMA for APE, a short-term trend indicator, stands at $2.505--above the current trading price--indicating that the bears are still in control.
The same narrative is depicted by the 50-day and 100-day EMAs, positioned at $3.018 and $3.507, respectively, further validating the ongoing bearish trend.
The Relative Strength Index (RSI) is a vital tool for analyzing an asset's overbought or oversold status.
With an RSI of 26.60, slightly higher than yesterday's 25.56, ApeCoin has been in oversold territory for the past nine days.
While this could signal a potential recovery, the extended bearish sentiment suggests that investors should be careful and not ape into APE.
The MACD histogram, widely used for identifying prospective buy and sell signals, currently stands at -0.035, a slight improvement from yesterday's -0.047.
This minuscule upward shift could signify a potential bullish crossover, hinting that a trend reversal may be forthcoming.
Despite these signals, the volume and market cap analyses seem to tell a different tale.
ApeCoin's 24-hour trading volume has seen a significant leap of 61.22% to $75 million, while its market cap has contracted by 3.30% to $761 million.
This suggests that although trading activity is picking up, the overall market valuation seems to be on a downward trajectory.
In terms of price action, ApeCoin finds itself in a tussle to hold
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