The ApeCoin price has decreased by more than 5% in the past 24 hours as investors sell off their holdings. Despite the fall, APE is still up 3% over the past week and has seen a monthly increase of 36%.
ApeCoin Price on a Negative Trend Line
In the last 24 hours, ApeCoin was rejected at the $1.6042 resistance level and is approaching support at $1.4660. Before potentially falling to this safety net, the price needs to break a medium-term negative trend line. Should APE drop below this line in the next 12 hours, it risks losing the $1.4660 support and could fall to $1.3233. Alternatively, if it stays above the trend line, a rise to $1.7378 could be on the cards.
Technical Indicators Warn on ApeCoin Price Drop
Technical indicators on APE’s 4-hour chart suggest the price may continue to decline. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate that bears currently have the upper hand. RSI readings have fallen below neutral 50, pointing to sellers' strength. Additionally, the MACD line has moved below the signal line, indicating a short-term negative trend.
Investors Turn to Flockerz
Investors have begun to focus on a new meme coin, Flockerz (FLOCK), currently in its presale phase, having raised over $6.9 million. Flockerz offers a 'vote-to-earn' model, allowing token holders to vote on key decisions and earn tokens in return, thus increasing its decentralization and long-term investor engagement.
While ApeCoin is under pressure, interest in the Flockerz project is growing due to its unique governance concept, which could shift investor focus in the crypto space.
