Apecoin Price Dumps 9% – Will the Bulls Gain Momentum?

Highlights:

• Apecoin price dips 9% as selling pressure mounts.
• An address associated with the ApeCoin Treasury has transferred 12.47 APE ($17.54 million) to Wintermute.
• The moving averages present a more bullish scenario which would potentially initiate a bullish reversal if the bulls gain momentum.

The Apecoin price is down 9% today, with the APE/USD trading at $1.15. Its 24-hour trading volume has notably plummeted 25% to $326.92 million, suggesting a fall in market activity among traders and investors. Despite the fall, APE is up 63% in a week, 42% in a month, and a decrease of 4% in a year. 

Meanwhile, an on-chain insight, Spot on Chain, has revealed that a dormant wallet tied to Apecoin has transferred 4.58M APE ($5.22M) to Wintermute Trading OTC. This comes following a 143% price surge after the Apechain launch days ago. Further, 3 wallets that received APE from the ApeCoin distributor in 2022 moved 12.47M APE ($17.54M) to Wintermute OTC, likely contributing to the recent price correction.

A dormant wallet tied to @ApeCoin transferred 4.58M $APE ($5.22M) to Wintermute Trading OTC 3 hours ago!

Following a 143% price surge after the #ApeChain launch 4 days ago, 3 wallets that received $APE from the ApeCoin distributor in 2022 moved 12.47M $APE ($17.54M) to… pic.twitter.com/pKuOMnhW9j

— Spot On Chain (@spotonchain) October 24, 2024

Currently priced at $1.15, APE has garnered attention not only for its weekly surge -becoming among the top performers this week- but also for its substantial drop in the last 24 hours. With the current price correction, will the price keep falling, or will the bulls gain momentum?

Apecoin Statistical Data

Based on CoinmarketCap data:

• APE price now – $1.15
• Trading volume (24h) – $326.92 million
• Market cap – $871.11 million
• Total supply – 1 billion
• Circulating supply – 762.65 million 
• APE ranking – #77

The Apecoin price is steadying the downtrend as the bears take control of the market in the 4-hour chart timeframe. This is due to early-profit bookings in Apecoin price, resulting in the current price corrections in APE. This has resulted in the formation of a descending parallel channel, suggesting bearish sentiment. 

Apecoin Price May Continue the Downtrend

Meanwhile, the Ape price sits above major bullish indicators, including the 50-day and 200-day Simple Moving Averages (SMAs). The $0.83 and $1.07 still hold intact, acting as immediate support levels in the market. If the pivotal points keep holding, the bulls may build momentum, rebounding the price to $1.75 or above to $2.

The Relative Strength Index (RSI) is at 42.81, below the 50-mean level, which suggests that the odds are stacked in favor of the bears. In other words, if the selling pressure bolsters, the beras may drive the APE price down, potentially to the 30-oversold region.

Worsening the outlook is the Moving Average Convergence Divergence (MACD), which has crossed below the orange signal line. This indicates intense selling pressure in the Apecoin market, bolstering the bearish thesis. In this case, traders and investors are inclined to sell their APE unless the MACD changes. 

Apecoin Price Outlook: Will the Bulls Gain Momentum?

Based on the APE/USD 4-hour chart outlook, the bears have taken the reigns, however not entirely. This is because the bulls still have some support at $0.83 and $1.07, which keeps the bullish sentiments in check. On the upside, if the support levels hold at this level, the bulls could build momentum, potentially triggering a bullish reversal. In such a case, the bulls could reclaim the $1.75 mark or above to $2 in the near term.

On the flip side, the bears are dominating the market, based on the RSI and MACD. If the sellers capitalize on the above indicators, the price could continue dropping, breaching the $1.07 support. A breach and break below the support will trigger panic selling in the market. However, the $0.83, coinciding with the 200-day SMA, will be in line to absorb the potential selling pressure.