Apecoin [APE] is returning to its EX-change; should investors cut losses

ApeCoin [APE]’s current surge caught the eye of not simply monkey lovers, but in addition whales and different smaller sea creatures within the crypto ocean. Since then, nevertheless, APE’s value has plunged once more. At press time, the wild monkey token was trading at $14.80, after shedding 10.04% of its worth up to now day. APE additionally dropped by 20.89% within the final week.

So, why is that this newsworthy? Effectively, have a look.

Don’t return to your EX-change

At press time, information from Santiment confirmed that APE’s rise in value was adopted by tens of millions of APE tokens returning to the exchanges. Nonetheless, as quickly as APE’s value fell all the way down to round $20, APE started returning to the exchanges at excessive speeds and shortly, the availability of APE on exchanges hit all-time-highs of round 45.08 million.

Supply: Santiment

This implies that APE traders aren’t within the mission for the long term, however need to take their income as and after they can. With costs now again to the place they had been in late April, traders needs to be anticipating a great deal of volatility.

Naturally, you could be questioning if whales are behind the newest spherical of sell-offs. The quick reply? It’s very a lot a risk, as whale transactions price greater than $100,000 spiked shortly earlier than APE tumbled in value but once more.

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Supply: Santiment

Subsequent up, learning the NVT ratio can provide us a greater concept as as to if APE is overvalued or undervalued at its present value. At press time, the NVT ratio was shifting upwards, which is a bearish signal for the asset. It additionally reveals that the asset is shifting in the direction of turning into overvalued, when in reference to APE’s transaction volumes.

Supply: Santiment

Tumbling monkeys

We’ve seen a litany of bearish metrics for APE, however is there something bullish in retailer for the asset? Effectively, Polygon did announce that APE was obtainable for greater than 19,000 decentralized apps within the Polygon ecosystem.

At press time, APE’s value was turning upwards once more, nevertheless it stays to be seen if the unstable token will have the ability to escape of the purple quickly.

gm @apecoin💜#ApeCoin is now obtainable for 19,000+ dApps and video games on the #Polygon ecosystem!🔥 pic.twitter.com/OJfKGuoOvT

— Polygon – MATIC 💚 (@0xPolygon) May 2, 2022