In a current tweet, ApeCoin revealed that 36 AIPs have been in course of in the final week and 5 new AIP concepts have been submitted. This seemed fairly promising because it added worth to the ApeCoin community.
To clear the cloud, AIP refers to ApeCoin Improvement Proposals, that are options supposed to reinforce the community.
Here’s AMBCrypto’s Price Prediction for ApeCoin (APE) for 2023-24
Last week there have been 36 AIPs in course of. Since final week…
-5 new AIP Ideas have been submitted
-3 AIPs have been Withdrawn as a result of no response
-2 AIPs have been Returned for Reconstruction.
-AIP-106 was authorised by neighborhood
-AIP-94 was rejected
which ends up in 34 AIPs in course of in the present day.
— ApeCoin (@apecoin) October 19, 2022
However, APE’s chart didn’t mirror this growth because it registered over 7% damaging weekly beneficial properties. According to CoinMarketCap, at the time of writing, APE was buying and selling at $4.35.
Interestingly, a number of crypto influencers, together with CryptoKing, have been fairly bullish about APE, regardless of its sluggish efficiency, as they anticipated its worth to surge in 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 👀
— Crypto King (@Cryptoking) October 17, 2022
Nonetheless, a take a look at APE’s metrics revealed a unique story, as they indicated a potential continued downtrend.
This may trigger bother
APE’s MVRV Ratio went down significantly final week, which is a bearish sign. Moreover, APE’s quantity additionally adopted an identical path and decreased over the previous few days, additional rising the possibilities of a worth decline.
Not solely this, however APE’s social dominance and constructive sentiments additionally declined after registering a spike, which prompt much less recognition and confidence in the coin.
Should the traders be frightened?
ApeCoin’s day by day chart revealed a bearish image as nicely, as most of the market indicators weren’t working in APE’s favor.
For occasion, the Exponential Moving Average (EMA) Ribbon prompt a bearish higher hand in the market as the 20-day EMA was resting under the 55-day EMA.
Additionally, the MACD additionally registered a bearish crossover, which could additional decline APE’s worth in the coming days. APE’s Chaikin Money Flow (CMF) additionally went down and was approach under the impartial place.
However, a slight aid got here on taking a look at the coin’s Relative Strength Index (RSI), it was heading in direction of the oversold zone, rising the possibilities of a pattern reversal.