The On Balance Volume and the Relative Strength Index indicated downticks on the three-hour chart. This suggests that trading volumes dropped, leading to a drop in buying pressure.
But the RSI value was 61, thus within the bullish threshold, indicating that bulls could gain control anytime. Therefore, APE could oscillate between $5.900 and $6.410, especially if BTC maintains the $23K zone. If BTC moves to the $24K zone, APE could break above $6.410 and retest the $6.793 level. Alternatively, bears could drop APE further into the demand zone around $5.900. But a break below the zone’s lower boundary of $5.695 would invalidate the above bias. The drop could stop at the 50-period EMA or $5.386.APE’s sentiment was negative, but a short-term accumulation occurredAs per Santiment data, APE’s Exchange Flow Balance was negative at press time. A negative Exchange Flow Balance shows that more APE flowed out of exchanges than in, indicating a short-term accumulation.
However, the drop in trading volumes, as suggested by falling active hourly addresses, could undermine an immediate price reversal or recovery. Thus lending credence to a potential price consolidation within the $5.900 – $6.410 range. In addition, APE’s weighted sentiment was negative at the time of publication. But the negative sentiment didn’t prevent the recent price rally and could be negligible in the short-term price action direction.Read the best crypto stories of the day in less than 5 minutes
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