A recent analysis conducted by ApeCoin suggested that the price of ApeCoin is dropping significantly.
The current market indicators point out that going forward, the APE market will continue to be dominated by bears.
On Friday, November 25, 2022, an effort was made by Snag Solutions when they officially launched the marketplace for the ApeCoin DAO. The purpose is to boost the trades.
But bears instantly were able to dominate the market for their gain forcing a dip in ApeCoin (APE) price.
Investors’ Hopes are Dimming
As of now the price of ApeCoin (APE) is $3.21, which indicates a decline of 3.42%. This bear control domain is supported by a drop in APE market capitalization of 3.55% to $1,160,148,326.
The 24-hour price chart published by CoinMarketCap also shows a clear dip in 24-hour trading value, which decreased by 48.94% to $100,070,781.
The strong bearish trend and the current TSI movement into the negative clearly state that bearish dominance is likely to persist, which is not a good sign for investors.
The Average True Range (ATR) line, shows that Apecoin’s (APE) volatility is also decreasing, as shown by a rating of 0.126.
The CoinMarketCap 4-hour price chart indicates that investors need to be careful in the near future.
The Money Flow Index
It is interesting to understand that (MFI) when it’s over the 50 mark, favors a bullish trend and when it’s below 50 it supports bears.
The recent market trend is expected to last longer as selling pressure in APE is skyrocketing.
The current bearish trend in ApeCoin is likely to continue as bulls have gassed out in the last 24 hours.
Apecoin (APE) Price Prediction
Since its launch in March 2022, Apecoin investors adopted a bullish approach and hyped that the Ethereum-based token can touch the $25 mark by the end of 2022.
With one month to go, the current price predictions for bullish APE range from $7.510 to $23.719. In contrast, the bearish market trend about APE has indicated that the token’s price could go down to $3.196 by the end of 2022.
Regardless of the current crypto winter, those who invested in Apecoin (APE) in March 2022 are still enjoying high gains. The early investors are still hopeful that the long-term future of APE is bullish.
Crypto pundits on the other hand believe that a 28% decrease in APE’s price in the past 12 to 14 days is a worrying sign for everyone.
Given the fact that the cryptocurrency market recently crashed, it is not the right time to take the risk when APE is cricked by bullish and bearish trends rumors.