By Larry Wright
ApeCoin holders enjoyed a pleasant phase since mid-June following bullish conditions in the marketplace. The alternative token attained a massive upsurge on July 13, which was adequate to propel APE beyond May’s lowest price level.
APE’s latest upside comes from its previous relief rally, seen in mid-June. The overall optimistic performance since rebounding from June support areas allowed the token to gain a whopping 121%. The bullish strength was enough to propel APE well beyond the 50-day MA after hovering beneath the mark since May’s first week.
Meanwhile, ApeCoin’s surges will finally yield some selling momentum as some investors who bought around the book profits. The possibility of such outcomes has surged as ApeCoin’s Relative Strength Index swayed within the overbought territory. Meanwhile, the Money Flow Indicator continued upside, reflecting massive bullish pressure behind APE.
Bears Triggering Pressure
Evaluating ApeCoin’s supply distribution confirms some leading addresses have been reducing their holdings around current price levels. Those with 10K to 1 million tokens trimmed their balances substantially from July 17. Meanwhile, those holding 1 million to 10 million APE tokens increased briefly during that timeframe. Whales with over 10 million assets had their balances unchanged.
Nevertheless, sell-offs by some addresses indicate the surged selling strength within the past few days. Faded APE demand, especially around the current price, means bears might emerge amid increasing selling strength.
Meanwhile, non-fungible token (NFT) trade volumes witnessed a substantial increase over the past two weeks, peaking at the $7.01 million high by July 15. Contrarily, APE’s lowest NFT trade volumes were $160,340 early in July.
Furthermore, ApeCoin’s 24hr NFT trade volumes declined to nearly $659,000 by this publication. That also supports chances of bearish retracements as APE’s NFT market sees faded organic demand. Unsurprisingly, the altcoin recorded a surge in daily active addresses over the past two days. Most of them will likely sell as the price traverses the overbought territory. Also, enthusiasts should watch broad market tendencies to complement the above analysis.
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