ApeCoin Set to Rebound After Recent Retracement: Here’s What to Expect
• Bitcoin has traded in the $21.6k region over the past few days and there is potential for an upward move.
• ApeCoin [APE] has had a bearish outlook but if Bitcoin rallies, APE may follow.
• The exchange flow balance shows recent selling pressure on ApeCoin with large amounts of it sent to exchanges being sold off.
Bitcoin Maintains Support Level
Bitcoin [BTC] has been trading in the $21.6k region and buyers have been defending this support level, suggesting that an upward move could soon follow. Beneath this area, there is no significant support until $20k and $19.6k respectively.
ApeCoin’s Market Structure
ApeCoin [APE] has been in a deep retracement and its uptrend from mid-January will not be broken until it falls beneath $4-$4.5, which would flip the market structure to bearish momentum. There is also another zone of support between $4.5-$4.95 and a horizontal level of significance at $4.6 which could be retested soon. The RSI stands at 42, indicating weak bearish pressure but this might increase if Bitcoin sees another slump below $21.4k
The OBV also saw minimal retracement which suggests that the pullback from $6.3 did not experience large-scale selling – an uptick in the OBV could signal a bullish reversal coming up soon for ApeCoin holders to look out for when buying into it again..
Exchange Flow Balance
The exchange flow balance reveals that 12-13 February saw large spikes in ApeCoin being transferred into exchanges amounting to positive balances of 800K and 700K respectively; these transfers were likely sold as prices dropped from $5.40 to around $5 since then – profit taking after 20 January is now over as indicated by the 30-day MVRV ratio falling into negative territory too..
What Is 1, 10, 100 APE Worth?
As things stand today, 1 Apecoin (APE) is worth about USD 5 with 10 APE standing at USD 50 and 100 APE equating to USD 500 based on current market conditions – these values are subject to change depending on market trends however so it’s important for investors or traders to always stay abreast with any updates regarding their crypto assets..
Realistic or Not: Market Cap In BTC Terms
If we take a look at what Apecoin’s market cap would be like in Bitcoin’s terms (BTC), then according to CoinMarketCap data as of March 18th 2021, its current value stands at 0 BTC – meaning one would need 0 Bitcoins today to buy all circulating supply of Apecoin tokens currently available..