APE Price: Bears Spark Jitters As Crypto Sell Pressure Mounts

Name	Symbol	Market	Market Cap ($)	Algorithm
ApeCoin	APEUSD	Crypto	721,932,291	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

ApeCoin

APEUSD

Crypto

721,932,291

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.040	3.42%	1.21	1.21	1.21

Price Change

Price Change %

Current Price

Bid Price

Offer

0.040

3.42%

1.21

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.26	1.14	1.17	1.17	0.980000 - 5.35

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.26

1.14

1.17

0.980000 - 5.35

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:21:06	39.76	1.21	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:21:06

39.76

1.21

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,036,499.22	873,322.73	APE	APEEUR	APEGBP	APEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,036,499.22

873,322.73

APE Price: Bears Spark Jitters As Crypto Sell Pressure Mounts

28/02/2023 2:37am

NEWSBTC

With the apes showing weakness, bears swoop in to claw out some gains. According to Coingecko, APE price has lost its aggressiveness since the start of February, with the biggest losses being observed in the weekly time frame at 7%. This suggests that the bears have a significant grip in the ApeCoin market. However, recent price movements in the crypto market put this thesis into question. Market leaders Bitcoin and Ethereum has remained stable in their current price levels, indicating that the bulls are somewhat gaining ground after the broader market slump earlier this month. Investors, however, are concerned about several developments that further threaten the token’s future price movement. Bears Done APE-ing Around … Or, Are They? Sentiment around the token largely revolved around a recent transfer of tokens to an exchange. Reports show that an address transferred over 436,173 APE tokens to Binance. At the token’s current price of $5.17, the transfer is worth nearly $2.4 million. However, this may not be the work of the bears. On February 17, the Bored Ape Yacht Club followed through its vesting period and released 7.3 million APE tokens to the market which inevitably put pressure on the token’s price. As of press time, the token released is worth $37.7 million. Related Reading: Bitcoin Price Tries To Reclaim $24,000 As Crypto Market Trades Sideways The bears, however, might find strength as Pauly Yox, founder of NotNarvaLabs, shared that there are rumors that the US Securities and Exchange Commission will charge Yuga Labs with securities fraud. Im hearing alot of rumors that the @SECGov is about to charge @yugalabs & @apecoin with securities fraud. — PAULY (@Pauly0x) February 19, 2023 If the rumors are true, we might see a stronger bear pressure in the markets. The only thing holding back any further bearish movement is the recent price movement of major cryptocurrencies. Bitcoin is up nearly a percent today, with Ethereum gaining 2.5% in the same time frame. Bulls May Find Support At This Level After a slight rebound yesterday, the token is currently trading on a red candle as of writing. This might be a sign that the bears still have enough momentum to test the token’s current support at $5.063. This support level can also leverage APE’s correlation with both BTC and ETH. As it currently stands, the significant correlation between APE and the major cryptos may give the bulls an extra leg up. Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com Related Reading: Bitcoin Price Cracks Below $23,000, Drags Other Major Cryptos With It However, investors and traders should remain vigilant in the coming days. A bearish break at $5.063 could trigger a return to $4.4 and $4.2, both of which are supports with no real strength to them. APE bulls should focus on defending the token’s current support. -Screenshot/Featured image from YouTube

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APEUSD ApeCoin