ApeCoin [APE]: This latest development may put pressure on sales

  • More than $2.3 million worth of APE was recently transferred to Binance.
  • Market indicators and metrics suggest increased selling pressure for the alt.

ApeCoin [APE] recently rejected a proposal which presented the idea of ​​the Forever Apes team to produce 1000 ApeCoin capsules, including four stickers, a patch and a poster.

This proposal was aimed at increasing token pooling and reducing unauthorized sales through unofficial channels. However, the majority of the ApeCoin community voted against AIP, hence the rejection.

Interestingly, while this proposal was aimed at increasing RES accumulation, the opposite was happening in the market.

Reading of ApeCoin [APE] Price Prediction 2023-24

Is selling pressure inevitable?

Lookonchain recently published a tweet, in which it said that an address “0x4BE5” transferred 463,137 APE worth more than $2.3 billion to Binance.

Addresses moved MONKEY had received the token in the recent past. This latest APE carryover highlights the possibility of incoming selling pressure, which may push the APE price lower in the coming days.

At press time, APE was down nearly 1% over the past 24 hours. It was marketing at $5.07 with a market cap of over $1.86 billion.

Well, the expectation of selling pressure was also revealed by some of the market indicators, which indicated that sellers were in charge of the market at press time.

APE’s Relative Strength Index (RSI) fell below the bearish neutral mark. On the other hand, the exponential moving average (EMA) ribbon indicated that the bears were about to take control of the market as the distance between the 20-day EMA and the 55-day EMA narrowed.

MONKEYThe MACD further established the sellers’ advantage as it showed a bearish crossover. However, although the Chaikin Money Flow (CMF) was below the neutral mark, it registered a slight uptrend, which was a positive sign for the APE.

Source: TradingView

Realistic or not, there you go APE purchase capital in BTC terms

The problem is real

Meanwhile, APE’s forex inflow increased several times in the past few days, which also meant increased selling pressure.

As MONKEYIts price fell last week, the MVRV index also fell. Thus, indicating a lesser degree of unrealized profit existed in the system.

The profit volume of alt-chain transactions also decreased due to the price drop. So, considering all data sets, APE may have to endure increased selling pressure in the coming days.

Source: Santiment

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