In a current tweet, ApeCoin revealed that 36 AIPs have been in course of within the final week and 5 new AIP concepts have been submitted. This appeared fairly promising because it added worth to the ApeCoin community.
To clear the cloud, AIP refers to ApeCoin Enchancment Proposals, that are recommendations meant to boost the community.
Right here’s AMBCrypto’s Worth Prediction for ApeCoin (APE) for 2023-24
Final week there have been 36 AIPs in course of. Since final week…
-5 new AIP Concepts have been submitted
-3 AIPs have been Withdrawn resulting from no response
-2 AIPs have been Returned for Reconstruction.
-AIP-106 was permitted by neighborhood
-AIP-94 was rejectedwhich results in 34 AIPs in course of in the present day.
— ApeCoin (@apecoin) October 19, 2022
Nonetheless, APE’s chart didn’t mirror this growth because it registered over 7% damaging weekly positive factors. In line with CoinMarketCap, on the time of writing, APE was buying and selling at $4.35.
Apparently, a number of crypto influencers, together with CryptoKing, have been fairly bullish about APE, regardless of its sluggish efficiency, as they anticipated its value to surge within the days to return.
Making a $20k guess on $APE this week!
I’ve a sense it goes parabolic as staking rolls out finish of the month 👀
Favourite challenge with upcoming occasions?!#Crypto #NFT #APE #BAYC #MAYC pic.twitter.com/14zq2iuHMW
— Crypto King (@Cryptoking) October 17, 2022
Nonetheless, a take a look at APE’s metrics revealed a distinct story, as they indicated a doable continued downtrend.
This would possibly trigger bother
APE’s MVRV Ratio went down significantly final week, which is a bearish sign. Furthermore, APE’s quantity additionally adopted an identical path and decreased over the previous few days, additional growing the possibilities of a value decline.
Supply: Santiment
Not solely this, however APE’s social dominance and constructive sentiments additionally declined after registering a spike, which steered much less recognition and confidence within the coin.
Supply: Santiment
Ought to the traders be anxious?
ApeCoin’s every day chart revealed a bearish image as effectively, as a lot of the market indicators weren’t working in APE’s favor.
As an illustration, the Exponential Transferring Common (EMA) Ribbon steered a bearish higher hand out there because the 20-day EMA was resting under the 55-day EMA.
Moreover, the MACD additionally registered a bearish crossover, which could additional decline APE’s value within the coming days. APE’s Chaikin Cash Stream (CMF) additionally went down and was method under the impartial place.
Nonetheless, a slight aid got here on trying on the coin’s Relative Power Index (RSI), it was heading in the direction of the oversold zone, growing the possibilities of a development reversal.
Supply: TradingView