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ApeCoin’s (APE) Ventures Might Garner Whale Attention; Will Bulls Follow?

No monkey business in ApeCoin as the BAYC (Bored Ape Yacht Club) token attracted Ethereum whales. APE’s community has introduced several proposals lately. Moreover, events surrounding the altcoin might have triggered the altcoin’s popularity among dominant investors.

A cryptocurrency whale activity tracker, WhaleStats, tweeted that APE secured a position in the top ten by trading volume in 100 leading ETH whales within the previous 24 hours.

A Positive Picture

Besides whale interest, APE has other positive sides. The MVRV (Market Value-Realized Value) remained green within the previous month and noted consistent growth. That might mean an enormous bullish indicator for APE. Moreover, the alt’s market cap soared from $1.46B to $1.63B during this publication.

An Anguish Call

Besides the attractive monkeys, it is about time we check what is wrong. APE hasn’t performed well as far as social media presence is concerned. The alternative token saw its social mentions plummeting 37.7% within the previous month, whereas social engagement declined by 36.82% in that timeframe.

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Also, ApeCoin has recorded declines in volume. Santiment shows the alt’s volume plummeted within the previous week, plunging from 590.45M to 249.14M during this publication. The graph presented a sharp dip in velocity, confirming ApeCoin’s restricted move from one wallet to another.

Price Outlook

APE changed hands at $5.31 during this publication, dropping approximately 6.05% within the previous 24 hours. The alt tested the resistance at $6.085 within the last few days. Nevertheless, the condition showed the price might dip beneath the support at $5.197 soon. The RSI (Relative Strength Index) and CMF (Chaikin Money Flow) also displayed bearish outlooks.

While publishing this post, the Relative Strength Index hovered at 39.74, showing sellers in control of the momentum. Also, the Chaikin Money Flow at -0.04 showed a briefly bearish outlook. ApeCoin has struggled over the past sessions as bears dominated the cryptocurrency world.

Bitcoin remained below $20,000 during this publication. While writing these lines, the leading crypto traded at $19,496. An upswing beyond $20K might welcome near-term bullishness. However, buyers should ramp massive volumes for sustained increases.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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