Cryptocurrency

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

ApeCoin [APE]’s latest surge caught the eye of not simply monkey lovers, but additionally 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 prior to now day. APE additionally dropped by 20.89% within the final week.

So, why is this newsworthy? Well, have a look.

Don’t return to your EX-change

At press time, knowledge from Santiment confirmed that APE’s rise in value was adopted by tens of millions of APE tokens returning to the exchanges. However, as quickly as APE’s value fell 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.

Source: Santiment

This means that APE investors aren’t within the mission for the long term, however are wanting to take their earnings as and once they can. With costs now again to the place they have been in late April, investors should expect a great deal of volatility.

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

1651621312 612 Apecoin APE is returning to its EX change should investors cut

Source: Santiment

Next up, finding out the NVT ratio can provide us a greater concept as to whether or not APE is overvalued or undervalued at its present value. At press time, the NVT ratio was transferring upwards, which is a bearish signal for the asset. It additionally reveals that the asset is transferring in direction of changing into overvalued, when in reference to APE’s transaction volumes.

1651621312 992 Apecoin APE is returning to its EX change should investors cut

Source: Santiment

Tumbling monkeys

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

At press time, APE’s value was turning upwards once more, but it surely stays to be seen if the unstable token will likely be in a position to get away of the pink quickly.

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