ApeCoin: Here’s what short traders should watch out for before jumping in

1 year ago 149

Disclaimer: The accusation presented does not represent financial, investment, trading, oregon different types of proposal and is solely the writer’s opinion.

  • A rejection of the terms astatine $4.03 would supply opportunities for abbreviated sellers with targets astatine $3.948 and $3.828.
  • A interruption supra $4.302 would invalidate the terms reversal bias described above.
  • APE saw antagonistic sentiment, but short- and medium-term holders saw profits.

ApeCoin [APE] has rallied from a debased of $3.254 successful mid-December to a precocious of $4.200 connected 4 January 2023. The rally gave investors a summation of implicit 28% successful the past 3 weeks.

However, astatine property time, APE faced a hurdle and conditions that made a terms reversal likely.

It was trading astatine $4.133, up 4% successful the past 24 hours. 

Read ApeCoin’s (APE) Price Predictions 2023-24

The obstacle astatine $4.203: Can bears exploit?

Source: APE/USDT connected TradingView

Although they don’t straight bespeak a inclination reversal, the RSI and MFI movements person created immoderate conditions that could power the terms reversal of APE.

The 12-hour illustration showed that the Relative Strength Index (RSI) was heavy successful overbought territory and was trending down. It showed that buying unit had peaked and was gradually easing, giving the bears an accidental successful the market.

Similarly, the bears’ leverage is reinforced by the Money Flow Index (MFI), a flimsy downtick, which showed organisation had begun, underlining the power of the bears.

If the bears’ momentum intensifies, APE could beryllium forced into a correction that could settee astatine $3.948, the 50% Fib retracement level of $3.921 oregon $3.828. These levels tin service arsenic selling targets for abbreviated traders.

How many APE tin you get for $1

However, if the bulls flooded the $4.203 obstacle, particularly if BTC is bullish, past APE could interruption supra the 78.6% Fib level of $4.302, invalidating the supra bearish bias

Medium and short-term holders of APE person made gains contempt the diminution successful weighted sentiment

Source: Santiment

According to the Santiment data, the MVRV ( Market Value to Realized Value ) ratio has shifted to the affirmative broadside for the 30- and 60-day variables. This indicates that those who held APE successful the past period oregon 2 made important gains. Long-term holders, however, recorded losses.

Moreover, the rising prices of APE coincided with an summation successful regular progressive addresses. In short, regular trading measurement accrued and intensified buying pressure, which drove APE prices up.

However, determination had been a flimsy diminution successful regular progressive addresses by property time. In addition, APE saw accrued negatively weighted sentiment contempt the rising prices.

The bearish outlook and flimsy diminution successful trading measurement could impact the further uptrend and should beryllium monitored. Investors should besides show the movements of BTC earlier taking abbreviated positions.

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

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