The value of ApeCoin has increased by more than 20% in the past seven days
The technical outlook predicted a possible correction as the asset would reach the overbought zone
ApeCoin [APE], the board and use sheet of the Bored Ape Yacht Club [BAYC] have since started strong at 2023. The sign that has endured several dives in 2022 registered an increase of 20.41% in the past seven days.
According to CoinMarketCap, much of this increase was due to the 12.28% increase in the past 24 hours. But what impact has this uptick had on APE holders?
Are you holding green? Check the APE Profit Calculator
On-chain data from Santiment showed that APE holders over the past 365 days were close to balancing what their portfolio was worth as of July 2022. This was the case as indicated by the Market Value to Realized Value (MVRV ) rate.
At the time of going to press, the MVRV ratio was 10.23%. This statistic is the result of the comparison between the market capitalization and the realized capitalization.
The MVRV ratio has been on an upward trend since January 1. This meant that there was a high level of unrealized profit. In addition, holders that accumulated as the ratio fell would likely lock in recent gains.
APE: What it looks like on the charts
At the time of writing, APE was showing signs of maximum volatility, based on indications from the Bollinger Bands. The BB, which identifies asset trends using the Simple Moving Average (SMA), showed that the $4,676 APE price had crossed the upper band.
A situation where this happens means that an asset is overbought. Hence, the BB revealed that APE surpassed its buying trajectory. So APE could see a price correction in the short term.
The indications from the Exponential Moving Average (EMA) were of the view that APE may not be able to maintain its greens for an extended period of time. This was because the 20 EMA (blue) and 50 EMA (orange) were in a combative position.
While the 20 EMA had a very tiny lead, those holding APE for the long haul may be less concerned. In the longer time frame, the 200 EMA (purple) was above both the 50 and 20 EMAs. This stance describes the potential for a delay after the likely price reversal and potentially significant long-term gains.
Read ApeCoins [APE] price prediction 2023-2024
It’s probably a HODL situation
Meanwhile, total acquisition costs for APE had fallen over the past 30 days. This was revealed by the status of the realized limit at 508.1 million. Furthermore, active withdrawals from the ApeCoin network were subdued.
In the early hours of January 9, it was as high as 1043. But at the time of writing, it was 370. This implied investor reluctance to take profits in anticipation of a short-term uptrend or a decision to hold for a longer duration. to keep. .
This post Review Apecoins [APE] potential to remain profitable in the coming days of 2023
was published first on https://ambcrypto.com/assessing-apecoins-ape-potential-to-stay-profitable-in-the-coming-days-of-2023/