ApeCoin Price Threatened by Huge Sale Push

Several market indicators and on-chain measures for APE point to increased selling pressure, which might have a negative impact on the price of ApeCoin (APE).

ApeCoin  was only released in 2021, making it a relatively new cryptocurrency. The NFT-based coin, however, has experienced a roller-coaster ride in the cryptocurrency market over this very short period of time, touching lower lows while also reaching new highs. Due to mounting sell pressure, the price of apecoin (APE) is currently giving off bearish signals.

Bearish Outlook for APE

On-chain market information shows that there have been confirmed accusations that an address "0x4BE5" transferred close to 463,137 APE to Binance exchange. This equates to a price of more than $2.3 billion at the present rate. The threat of incoming selling pressure, which has the ability to lower the price of APE in the coming days, is made clear by this most recent transfer of APE.

Also, as sellers are currently in charge of the price, APE's technical indicators also point to evidence of a bearish leaning. APE's technical (TA) indications at CoinGabbar imply a sell stance, where it suggests "sell" at level 11 and "buy" at level 5, as summarised by the moving averages.

Signs of Technical Weakness

Additionally, more negative indicators appeared when APE's relative strength index (RSI) dropped below the neutral level. The difference between the 20-day EMA and the 55-day EMA shrank on the other side, signalling that the bears were about to seize control of the market. APE's exchange influx also increased significantly during this time on numerous times during the previous few days, which is another sign of increasing selling pressure.

The supply zone around $5.35 needs to be turned into a support level by the price of APE, according to cryptocurrency specialist Crypto Tony, before opening a long position for the alternative currency is possible. This appears to be the sole circumstance in which such a possibility is possible.

Currently, the price of apecoin (APE) is trading at $5.15, a rise of 1.32% over the last 24 hours, as opposed to a decrease of 8.84% over the previous week, at the time of publication.