In a latest tweet, ApeCoin revealed that 36 AIPs had been in course of within the final week and 5 new AIP concepts had been submitted. This seemed fairly promising because it added worth to the ApeCoin community.
To clear the cloud, AIP refers to ApeCoin Enchancment Proposals, that are options supposed to boost the community.
Right here’s AMBCrypto’s Value Prediction for ApeCoin (APE) for 2023-24
Final week there have been 36 AIPs in course of. Since final week…
-5 new AIP Concepts had been submitted
-3 AIPs had been Withdrawn resulting from no response
-2 AIPs had been Returned for Reconstruction.
-AIP-106 was accepted by group
-AIP-94 was rejectedwhich ends up in 34 AIPs in course of at this time.
— ApeCoin (@apecoin) October 19, 2022
Nevertheless, APE’s chart didn’t mirror this growth because it registered over 7% adverse weekly positive aspects. In keeping with CoinMarketCap, on the time of writing, APE was buying and selling at $4.35.
Curiously, a number of crypto influencers, together with CryptoKing, had been fairly bullish about APE, regardless of its sluggish efficiency, as they anticipated its value to surge within the days to come back.
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 have a look at APE’s metrics revealed a unique story, as they indicated a potential continued downtrend.
This would possibly trigger hassle
APE’s MVRV Ratio went down significantly final week, which is a bearish sign. Furthermore, APE’s quantity additionally adopted the same path and decreased over the previous few days, additional growing the possibilities of a value decline.
Not solely this, however APE’s social dominance and optimistic sentiments additionally declined after registering a spike, which recommended much less reputation and confidence within the coin.
Ought to the buyers be nervous?
ApeCoin’s every day chart revealed a bearish image as nicely, as many of the market indicators weren’t working in APE’s favor.
As an example, the Exponential Shifting Common (EMA) Ribbon recommended a bearish higher hand available in the market because the 20-day EMA was resting beneath 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 Movement (CMF) additionally went down and was manner beneath the impartial place.
Nevertheless, a slight reduction got here on wanting on the coin’s Relative Energy Index (RSI), it was heading in direction of the oversold zone, growing the possibilities of a pattern reversal.