Can AIPs Save ApeCoin [APE] From the short-term descending storm

ApeCoin [APE] They recently shared some important information about ApeCoin Improvement Proposals (AIPs), which are proposals aimed at improving the network.

According to the latest update, Ape-134 has been approved by ApeCoin to create a bug bounty program for the storage system described in AIPs-21 and 22.

Here AMBCryptos ApeCoin Price Predictions [APE] for 2023-24

In addition, AIPs-137 & 138 approved a DAO vote to establish a nomination and election procedure for the Ape Foundation Special Board.

A few weeks ago, ApeCoin open That 36 AIPs were underway and five new AIP ideas were submitted. Now with this new update, things look very promising for the ApeCoin ecosystem.

But despite these positive updates, Monkey Investors have a lot to worry about as many factors are not working in APE’s favour.

The token’s weekly performance has also not been matched by the bull market, which has posted more than 9% negative numbers in the past seven days.

According to CoinMarketCap, it was APE at the time of publication trade to $4.42 with a market capitalization of over $1.3 billion.

Bears win

a look at Monkey The daily chart has painted a bearish picture for the token, as most market indicators are pointing to a lower price in the coming days.

For example, the exponential moving average (EMA) range showed that the bears had the upper hand as the 20-day moving average held below the 55-day moving average.

The results of the moving average convergence/divergence were similar, as it showed a bearish crossover, which increased the chances of a price decline.

In addition, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) were well below the neutral sign, which is a bearish signal. However, at the time of writing, the RSI and CMF are up slightly.

Source: TradingView

More bad news

additional. On-chain APE metrics did not support investor interest. The 30-day MVRV is down, which is a bearish sign. The number of deals also declined, after peaking on November 2.

Source: feeling

However, some of the metrics looked promising, giving investors hope for higher prices in the coming days. Consider this – LunarCrush’s data It revealed that APE’s social engagement has registered an increase, reflecting the token’s popularity in the crypto community.

Also, despite the decrease in prices, the volume of APE increased, which reduced the risk of a sudden and unprecedented price drop.

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