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Market News The price of ApeCoin is expected to return to record lows as traders' dominance over APE supply increases

The price of ApeCoin is expected to return to record lows as traders' dominance over APE supply increases

The price of ApeCoin is anticipated to decline to previous record lows due to an increase in traders' control over the supply of ApeCoin

TOP1 Markets Analyst
2023-08-16
12197

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On August 15, the ApeCoin price was one of the worst-performing assets in the crypto market, as the overall market's negative worries outweighed the optimism of recovery. However, a shift in investment behavior may have a significant impact on price fluctuations now and in the future.

The value of ApeCoin continues to fall.

ApeCoin recently hit an all-time low of $1.78, however it managed to rebound in the following days. However, the digital asset has erased the majority of its rebound in the last 24 hours, with APE falling by more than 10% on the daily chart to trade at $1.82 at the time of writing.


As the Relative Strength Index (RSI) went below the neutral level of 50.0, price signs point to further fall. Given the diminishing bullishness on the histogram, the Moving Average Convergence Divergence (MACD) also shows a probable bearish crossing arriving. 


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Despite being unrelated to market circumstances, the movement in APE supply from long-term holders to short-term holders (traders) adds significantly to the reduction. Most dealers are known to retain their supply for less than a month, leaving the cryptocurrency vulnerable to rapid selling.


Naturally, before the cryptocurrency can consolidate or gain positive momentum, the price crashes, as has recently happened with APE. Traders control over 11% of the total circulating supply, up from 5.8% at the start of Q3 in July. 


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This is one of the most major contributing elements to the investors' losses, which are enormous in ApeCoin's situation. APE holders are among the market's largest losers, accounting for more than 86% of all addresses.


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Because the ApeCoin price is consistently plumbing lows, it would not be shocking if the remaining 14% of addresses wind themselves underwater in the future. However, if the market and investors wish to avoid such a crisis, APE holders must be patient.



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