APE rallied from 17 December, 2022, and peaked on 14 January, 2022. APE bulls pulled it from its December low of $3.260 to a high of $5.552 on January 14, posting 70% gains.
APE’s daily chart showed the Relative Strength Index retreated from the overbought zone but was still above 60 units. This indicated buying pressure declined, but APE was still in a bullish market structure. However, a breach below $4.849 would invalidate the above bullish bias. Such a downtrend could set APE to retest the 61.8% Fib level of $4.677, offering extra short-selling opportunities for short traders.APE’s daily active addresses and weighted sentiment declined, but OI increaseddata showed that APE’s daily active addresses fell. As a result, fewer accounts traded the asset, undermining trading volumes and any uptrend momentum.
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