Is ApeCoin [APE] finally tired of swinging? Here’s what the metrics say about stability
ApeCoin [APE] has achieved a good deal of fame – and notoriety – thanks to its reputation of being a monkey token that swings both high and low without warning. But are recent events a sign that the token is perhaps stabilizing? Let’s see what the metrics say.
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APE was the 32nd biggest crypto at press time and trading at $7.83 after falling by 8.66% in the last 24 hours, but rallying by 40.53% in the past week. Since recovering from the crash in early May, APE has largely moved between the $7 and $10 range.
One factor behind this could be a sharp reduction in whale transactions, which have previously affected APE tokens as large holders rushed to sell. However, transactions worth over $100,000 have been trending downwards even as APE rallied.
Next up, it’s important to note that APE supply on exchanges has started to move sideways rather than vertically upwards of downwards. It’s possible this also had a stabilizing effect on the token’s price. In APE’s admittedly short history, sudden spikes or drops in APE supply on exchange was closely linked to dramatic price changes.
Adding to that, APE’s age consumed metric has been falling to all-time-lows since the asset was launched. In spite of APE’s falling price, the age consumed metric has not spiked, which means that idle addresses are not seeing sudden movements or selling out. This could also have a calming influence on the price of APE.
On the other hand, the Awesome Oscillator [AO] was flashing green bars under the zero line – a sign of bullish pressure on APE.
Venugopal, S. (2022, May 19). Is Apecoin [ape] finally tired of swinging? here’s what the metrics say about stability. AMBCrypto. Retrieved May 20, 2022, from https://ambcrypto.com/is-apecoin-ape-finally-tired-of-swinging-heres-what-the-metrics-say-about-stability/