APE Crypto’s Uncertain Future: Surge Amidst Potential Decline
APE increases by 5% in 24 hours, but fear of unlock remains
APE, a popular cryptocurrency, has seen a price increase of more than 5% in the last 24 hours. However, this could be a temporary phenomenon as the upcoming token unlock could impact the market.
Historical impact of token unlocking
In the past, token unlocks at APE have often led to price drops. It remains to be seen whether this pattern will repeat itself. According to an announcement of token unlocks on January 8, the network will soon unlock 15.6 million tokens, worth over 22 million dollars. This unlock could negatively affect the price.
Further challenges for APE
Despite the current bull market, an analysis of data from Coingecko shows that the base price of BAYC continues to decline. This could be an indicator that APE could follow a similar trend in the coming days.
In addition, data from Santiment shows that large investors, also known as “whales”, are losing confidence in APE. This is evidenced by the decline in the ApeCoin supply held by the top addresses.
Positive market indicators for APE
Despite the challenges mentioned, there are also positive signs for APE. The Money Flow Index (MFI) and the Chaikin Money Flow (CMF) of APE are recording upward trends, which could indicate a continuation of the upward trend.
Conclusion
The upcoming token unlock at APE could pose a challenge. Historically, such events have often led to price declines. Nevertheless, there are also positive indicators that could suggest a continuation of the upward trend. It remains to be seen how the market will develop in the coming days.
Sources: CoinMarketCap, Santiment, TradingView.
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