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In a month marked by heightened volatility, Apecoin (APE) has been a battleground for bulls striving to prevent a dip below the crucial $1 mark.
This tug-of-war between bulls and potential downward pressure underscores the intense market dynamics surrounding Apecoin, leaving investors on the edge as they monitor the crypto’s price movements in this volatile November landscape.
The latest data from the spot market reveals a resolute stance from bullish traders, as orders for more than 11 million APE tokens have beern strategically placed around the current price.
APE has increased by 30% to surpass $1.70 following a decline to a weekly low of $1.30 on November 21. On-chain data projects long-term Apecoin investors’ resilience might reenergize APE price possibilities.
APE Total Order Books. Source: IntoTheBlock
Apecoin Price Rebounds From All-Time Low
On October 9, the price of Apecoin plunged to an all-time low and narrowly avoided breaking below the $1 support level. However, the APE token has now increased by 40%, and as of November 24, the meme coin was trading at about $1.45.
The market situation that APE is now operating in is difficult. The recent price increases of the token are at risk due to bearish on-chain indicators.
Over the last few months, the amount of APE coins available on exchanges has almost doubled to a little over 50 million, which may signal an increase in buyer demand.
The combination of a decrease in active addresses and an increase in supply on exchanges indicates a pessimistic deviation, which may indicate an impending decline in the price of the meme currency.
Two notable corrections have occurred in APE during its current surge. The 61.8% Fibonacci level marked the first retracement, and 50% marked the second corrective.
Total crypto market cap is currently at $1.4 trillion. Chart: TradingView.com
These retracements are getting thinner, which is a bullish indication of increasing momentum and more buyer conviction.
Taking this into consideration, investors may use the 38.2% and 50% Fibonacci levels as a helpful guide when placing stop-loss orders, acting as a buffer against any market volatility.
Apecoin’s price is now bouncing between $1.063 and $1.506, indicating that it is in a volatile market. There are some indications of stability from the 10-Days Moving Average at $1.410 and the 100-Days Moving Average at $1.303.
Nonetheless, it’s important to keep an eye on the resistance levels at $1.695 and $2.139 and the support levels at $0.365 and $0.808. These levels will be crucial in influencing the short-term price movements of APE.
APE addresses by time held. Source: IntoTheBlock
Shift In Address Dynamics
Meanwhile, as reported by IntoTheBlock, a positive trend divergence is evident between the long-term and short-term holder addresses for APE. Illustrated in the Addresses by Time Held chart, the count of long-term addresses has surged by 6,060 wallets since the beginning of November.
Concurrently, the Apecoin network has experienced a decrease of 3,800 in the number of trader/short-term wallets over the same period, highlighting a noteworthy shift in address dynamics.
The forthcoming week holds significant importance for investors in APE, as it will serve as a crucial assessment of the durability of this meme coin and its prospects for more upward movements.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pexels
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Christian Encila
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