Why ApeCoin [APE] didn’t reply to BAYC’s achievements?

• ApeCoin’s worth decreased by over 5% within the final seven days.
• APE’s Galaxy Rating was bullish however market indicators inclined in favor of bears.

Dookey Sprint’s success caught many eyeballs, as its reputation was one thing to be thought of. BAYC has introduced that they’ll wind as much as the tip of the Sewer Go declare and the Dookey Sprint expertise on 8 February

As we wind all the way down to the tip of Sewer Go declare and the Dookey Sprint expertise this Feb eighth we wish to dive into some key factors everybody ought to consider relating to scoring and delegation beneath 🧵

— Bored Ape Yacht Membership (@BoredApeYC) February 6, 2023

Sewar Go NFT assortment noticed greater than $60 million in quantity, amounting to $1.5 million in charges on OpenSea, which was a commendable achievement.

Curiously, X Market revealed that its charges remained at $300,000 for a similar quantity, out of which, 50% will probably be burned in ApeCoin [APE]. 

Big accomplishment to see $60M+ in quantity for @yugalabs Sewer Go

That quantities to $1.5M in charges on OS

On X it is solely $300K for a similar quantity and half that might get burned in @apecoin

Which mannequin provides extra worth to the business? pic.twitter.com/D4xvnzPsaH

— X Market 🦇🔊 (@Xdotxyz) February 4, 2023

Nonetheless, Sewer Go’s success didn’t have a optimistic impression on APE, as its worth declined by greater than 8% within the final seven days. Based on CoinMarketCap, APE was down by over 3% within the final 24 hours, and on the time of writing, it was buying and selling at $5.69 with a market capitalization of above $2 billion. 

Learn ApeCoin’s [APE] Price Prediction 2023-24

Causes behind the decline

A take a look at Santiment’s chart revealed fairly just a few components that may have performed a job in APE’s worth plummet. APE’s change outflow registered a decline during the last week, which was a growth within the bears’ favor.

Furthermore, APE’s MVRV Ratio decreased significantly over the previous few days, which too was a detrimental sign. Its velocity additionally adopted the MVRV Ratio and declined final week.

Supply: Santiment

Surprisingly, regardless of the worth plummet, APE’s provide held by prime addresses spiked, reflecting whales’ confidence in APE. WhaleStats additionally revealed elevated whale exercise, as APE was on the checklist of probably the most used sensible contracts among the many prime 100 Ethereum whales within the final 24 hours. 

Sensible or not, right here’s APE’s market cap in BTC’s phrases

Traders can anticipate this

Curiously, APE was on the list of the highest NFT tasks by way of Galaxy Rating, which was a bullish sign. Let’s test APE’s each day chart to seek out out if a worth pump is across the nook.

Effectively, issues didn’t look in favor of the patrons as a lot of the metrics supported the bears. The MACD displayed a bearish crossover.

APE’s Cash Move Index (MFI) declined and was headed towards the impartial mark.

The Bollinger Bands revealed that APE’s worth was not in a really excessive volatility zone, which decreases the possibilities of an unprecedented surge within the close to time period.

Nonetheless, the Chaikin Cash Move was barely bullish because it went up towards the impartial mark.

Supply: TradingView