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- No respite for bulls as the price of APE fell towards the $1 price zone.
- Market speculators are positioned to maximize shorting profits.
from Apecoin [APE] The waning price action extended the bearish momentum to a new low, with the price reaching the USD 1.4 price zone. Apecoin’s on-chain stats did little to help the price, as APE was the biggest loser among the leading metaverse-based projects, according to data from CurrencyMarketCap.
Realistic or not, here is APE’s market cap in BTC terms
With the sellers firmly in control of the higher time frames and the bulls unable to get past the USD 1.5 level over the past week, APE could be poised for another downward move towards USD 1-$1.2.
APE traders are ready for another price drop
Source: APE/USDT on Trading View
The 12-hour time frame showed the intense battle between buyers and sellers over a two-month period, with the price fluctuating between $1.7 and $2.3.
The breaking of the bullish defense of the USD 1.7 level on August 17 marked a major milestone for the bears. In addition, overwhelmed buyers could do little to dissuade sellers from turning the USD 1.7 level into resistance.
Bullish attempts yielded little momentum on the reversal. This was because APE vendors expanded control. This was evident from the price action between August 19 and 22.
In addition, this extended the downward trend of the On Balance Volume (OBV) and kept the Relative Strength Index (RSI) below the neutral 50. Both indicated a lack of demand for APE, despite the sideways structure on the lower time frames.
Shorts positioned to extend earnings
Source: Coinglass
The strong bearish bias caused futures traders to increase their short positions. Dates from Mint glass showed that shorts held a significant portion of open contracts on the long/short ratio in the exchange.
How much are 1.10.100 APEs worth today?
Sellers held 52.5% of all contracts in the last 24 hours with short positions worth $103.9 million. This could allow APE to reach the $1.2 price level in the coming week.
