The price of ApeCoin is down more than 5% in the past seven days.
APE’s Galaxy Score was bullish, but market indicators slanted in favor of bears.

Dookey Dash’s success attracted a lot of attention, as his popularity was something to be reckoned with. BAYC announced that they will end February 8th until the end of the Sewer Pass claim and the Dookey Dash experience

Sewar Pass NFT Collection saw over $60 million in volume, equating to $1.5 million in fees on OpenSea, which was a commendable achievement.

Interestingly, X Marketplace revealed that fees remained at $300,000 for the same volume, 50% of which will be burned ApeCoin [APE].

However, the success of Rioolpas did not have a positive influence MONKEY, as the price is down more than 8% in the past seven days. According to CoinMarketCapAPE is down more than 3% in the last 24 hours and at the time of writing, it is trading at $5.69 with a market cap of over $2 billion.

Read ApeCoins [APE] Price prediction 2023-24

Reasons behind the decline

A look at Santiment’s chart revealed quite a few factors that may have played a role in APE’s price drop. APE’s exchange rate outflows registered a decline over the past week, moving in favor of the bears.

Moreover, MONKEYThe MVRV Ratio has fallen sharply in recent days, which was also a negative signal. The rate also tracked the MVRV ratio and fell last week.

Source: Sentiment

Surprisingly, despite the drop in price, APE’s supply of top addresses spiked, reflecting whale confidence in APE. WhaleStats too revealed increased whale activity as APE was listed among the most used smart contracts in the top 100 Ethereum whales in the past 24 hours.

Realistic or not, here it is APE’s market cap in BTCs conditions

Investors can expect this

Interestingly enough, APE was on the list of the top NFT projects in terms of Galaxy Score, which was a bullish signal. Let’s take a look at APE’s daily chart to find out if a price pump is just around the corner.

Well, it didn’t look in favor of the buyers as most of the stats supported the bears. The MACD showed a bearish crossover.

MONKEY‘s Money Flow Index (MFI) fell and moved towards neutral.

The Bollinger Bands revealed that APE’s price was not in a very high volatility zone, reducing the likelihood of an unprecedented near-term rise.

Nevertheless, the Chaikin Money Flow was somewhat bullish as it moved towards the neutral mark.

Source: TradingView

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