- APE’s recent 5% surge defies recent bearish trends.
- Anxiety mounts as 15.6 million tokens await unlocking.
- Mixed signals as top addresses show declining confidence.
ApeCoin (APE) witnessed a remarkable 5% surge in the last 24 hours, shaking off recent bearish sentiments that had plagued the cryptocurrency market. The resurgence, however, comes with a cloud of uncertainty as the crypto awaits the unlocking of its next batch of tokens, potentially impacting its price trajectory once again.
ApeCoin faced a substantial setback last week when bearish forces pushed its value down by more than 19%. The recent positive movement seems to be a welcome relief for APE holders, but the impending token unlock poses a looming threat.
According to CoinMarketCap, ApeCoin is currently trading at $1.38, marking an impressive rebound, with a market capitalization exceeding $507 million.
The Unlock Dilemma
The crypto community is anxiously eyeing the upcoming token unlock, as Token Unlocks tweeted on January 8th, revealing that ApeCoin is anticipating the release of 15.6 million tokens, valued at over $22 million. Investors, however, remain cautious as historical data indicates that APE has witnessed price drops following previous unlocks.
Additional Concerns Surface
Digging deeper into Coingecko’s data, a troubling trend emerges as the floor price of Bored Ape Yacht Club (BAYC), closely associated with APE, continues to decline despite the prevailing bullish market conditions. This raises concerns about APE following a similar downward trend in the coming days.
A comprehensive analysis of Santiment’s data reveals a mixed bag of sentiments. While the broader market demonstrates continued interest in APE, with the Supply on Exchanges dropping and the Supply outside of Exchanges increasing, top whale addresses show a declining confidence in the token. The decrease in ApeCoin’s supply held by major addresses over the past week is indicative of waning trust among influential investors.
Balancing Act for APE
Despite these challenges, some positive indicators suggest that APE might weather the storm. The Money Flow Index (MFI) and Chaikin Money Flow (CMF) for APE have experienced upticks, signaling a potential continuation of the current uptrend.
As ApeCoin navigates through the unlock uncertainty and addresses market concerns, the cryptocurrency community watches attentively, eager to see whether the recent surge is a temporary reprieve or a sustained bullish trend for APE.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.