- ApeCoin has increased by more than 20% in the past seven days
- The technical outlook predicted a possible correction due to the asset reaching overbought territory
ApeCoin [APE]And Board and benefit symbol for the Bored Ape Yacht Club [BAYC] I started 2023 on a strong note. The token that suffered several the nose The year 2022 recorded an increase of 20.41% in the past seven days.
to me CoinMarketCapMuch of this increase occurred as a result of a rise of 12.28% over the past 24 hours. But what is the impact of this hike on APE holders?
Do you keep your skin green? verification APE Profit Calculator
Chain data from Santiment showed that APE holders over the past 365 days were roughly on par with their portfolio value balance in July 2022. This was the case, as evidenced by the market value to realized value (MVRV).
At the time of publication, the MVRV was 10.23%. This metric is the result of a comparison between market value and realized value.
The MVRV ratio has been seen in an upward trend since January 1. This means that there is a high degree of unrealized profits. In addition, equity holders who have accumulated at a lower ratio are likely to hold on to recent gains.
Monkey: How does it look on the charts?
At the time of writing, the APE indicator was showing signs of reaching maximum volatility, based on the Bollinger Bands indicators. BB, which determines asset trends using a simple moving average (SMA), showed that the $4,676 APE price has broken out of the upper band.
A situation where this happens means that the asset is overbought. Therefore, BB revealed that APE has gone beyond the buy range. Thus, APE may experience a price correction in the short term.
Indicators from the exponential moving average (EMA) were seeing that APE might not hold the green for much longer. This was because the 20 EMA (blue) and 50 EMA (orange) were in a fighting position.
While the 20 EMA has a very small advantage, long-term APE holders may be less concerned. On the longer time frame, the 200 EMA (purple) was above the 50 and 20 EMA. This position describes the prospect of respite from a possible price reversal, and possibly significant gains in the long term.
Read ApeCoins [APE] predict the price 2023-2024
Maybe it’s the HODL position
At the same time, APE’s total cost of acquisition has decreased in the last 30 days. This has been revealed before the condition From the achieved ceiling of 508.1 million. Moreover, active withdrawals from the ApeCoin network have been silent.
In the early hours of January 9, it was as high as 1043. But at the time of publication, it was at 370. This represents resistance from investors to profit-taking in anticipation of a near-term uptrend or a decision to stay longer.