ApeCoin (APE) Flashing Signs of Bearish Trend Reversal, According to Analytics Firm Santiment
A leading crypto analytics firm says ApeCoin (APE) is flashing a few metrics that indicate it could be nearing the end of its price rally.
In a new blog post, Santiment notes that APE currently has fewer active addresses than its previous high.
“Active addresses – less than on previous high.”
ApeCoin is the altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community. APE is trading for $19.19 at time of writing, up more than 15% in the past 24 hours and more than 61% in the past week.
The new crypto asset also has less trading volume, according to the analytics firm.
Additionally, Santiment notes APE’s Market Value to Realized Value (MVRV) metric is down compared to its previous price high.
The MVRV is used to show the average profit or loss of all coins in circulation at the prevailing price and is calculated as market capitalization over the acquisition costs of the assets in a wallet.
The analytics firm also examined APE’s age consumed indicator, which probes the amount of time since a crypto asset was last moved. APE flashed a big spike in age consumed, a “possible sign of a trend change,” according to Santiment.
The firm predicts ApeCoin’s rally won’t continue much longer.
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Author: Daily Hodl Staff
