Why ApeCoin [APE] Did you respond to the achievements of BAYC?

  • ApeCoin price has fallen by more than 5% in the past 7 days.
  • APE’s Galaxy result was bullish but market indices were tilted in favor of the bears.

Dookey Dash’s success caught many eyeballs, as his popularity was something to consider. BAYC announced that it will end the Sewer Pass claim and Dookey Dash trial on February 8th

The Sewar Pass NFT pool has received more than $60 million in volume, of which $1.5 million in fees on OpenSea is a commendable achievement.

Interestingly, X Marketplace revealed that its fees remained at $300,000 for the same volume, 50% of which will be burned in ApeCoin [APE].

However, the success of the sewers did not have a positive effect on monkeyIts price has fallen by more than 8% in the past seven days. according to CoinMarketCapAPE stock is down over 3% in the past 24 hours and at the time of writing it is trading at $5.69 with a market capitalization of over $2 billion.

is reading ApeCoins [APE] predict the price 2023-24

Reasons for retraction

A look at Santiment’s chart revealed quite a few factors that may have played a role in APE’s price decline. The APE stock market flow posted a decline in the past week, which was a development in favor of the bears.

In addition, monkeyThe MVRV ratio has decreased significantly in the past few days, which is also a negative sign. Its speed also followed the MVRV ratio and fell last week.

Source: feeling

Surprisingly, even as the price fell, the supply of APE held by headlines increased, reflecting voter confidence in APE. WhaleStats too open Voting activity increased as APE was among the top 100 most used smart contracts in Ethereum elections in the last 24 hours.

Realistic or not, here it is APE’s market cap in BTC’s conditions

Investors can expect this

Interestingly, APE was working existing One of the best NFT projects in terms of Galaxy Score, which was a bullish sign. Let’s check the daily chart of APE to see if a price pump is near.

Well, it wasn’t in the buyers’ favor because most of the metrics supported the bears. MACD showed a bearish cross.

monkeyThe Money Flow Index (MFI) has been declining and has been heading towards the neutral mark.

Bollinger Bands revealed that APE price was not in a very high volatility area, which reduced the chances of an unprecedented rally in the short term.

However, Chaikin Money Flow was slightly bullish as it moved higher towards the neutral mark.

Source: TradingView

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