apcoin [APE]: Deciphering the causes of yesterday’s major rally

Despite success Yuga Labs “Records with Real Estate Sales on”the other sideThe Metaverse, which went into operation on April 30, has no objection to denying the series of catastrophes that marked the entire sales process.

But the founders of Yuga Labs will soon be a reason to smile. apcoin [APE] It is poised to show another strength.

APE – Fully Bullish

ApeCoin hit a high of $8.166 in intraday trading on May 22, with the cryptocurrency market currently in a correction phase with the coin price rising. A correction followed shortly thereafter and the price dropped slightly. However, the token was at $8.06 at press time and appears to have maintained some gains over the past 24 hours.

A look at the movement of the price chart indicated an upcoming bullish divergence. A look at the MACD revealed a significant bullish bias as the price traded above the zero line at press time. Similarly, the token’s Relative Strength Index (RSI) was 41 at press time with an upward trend indicating increasing buying pressure. Also, Apecoin’s Money Flow Index (MFI) was on an upward curve and was closer to the neutral 50 area at press time. This was 42 at press time.

Source: TradingView

In addition to price fluctuations, the token’s market cap reached an intraday high of $2.39 billion yesterday. This was soon corrected and pushed to $2.34 billion at press time, a 2% increase in the last 24 hours.

On-chain analytics

In addition to the price movement, on-chain metrics showed that ApeCoin has made some progress on the chain over the past 24 hours.

Following yesterday’s recorded intraday high, the token also made some progress on the social front. Social volume peaked at 1135 on 22 May, a 35% increase from 706 on 21 May. Similarly, at press time, ApeCoin’s social dominance was 4.746%, a 69% increase in the last 24 hours.

ApeCoin APE 09.56.41 23 May 2022

Source: Santiment

The number of addresses trading Apecoin has also attempted to increase slightly over the past 24 hours. At 1,521 at the time of writing, the index of active addresses trading this token has increased by 4%.

ApeCoin APE 09.57.30 23 May 2022

Source: Santiment

Also recording the increase was the total amount of APE tokens for all transactions that occurred on the network in the last 24 hours. This number increased by 11% during the review period.

ApeCoin APE 09.58.16 23 May 2022

Source: Santiment

Whales have also made some progress in the last 24 hours. For trades over $1 million, the number of trades index increased by 133%. For trades over $100,000, a decrease was found in the number of trades in the last 24 hours.

ApeCoin APE 09.58.55 23 May 2022

Source: Santiment

Appearance of “OtherSide”

Otherside’s Otherdeed, which ranked #4 on the NFT Collections ranking list by sales over the last 24 hours, saw sales drop 11%.

Screenshot 2022 05 23 at 08.59.31

Source: CryptoSlam

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