Over the past few days, ApeCoin has displayed promising signs of growth, driven by increased market activity and positive technical indicators. Notably, the price of this altcoin has climbed by 3.24% within a 24-hour period, reaching $1.61 at the time of this report.
Market data suggests a rise in substantial transaction volumes and favorable netflows, reflecting a strengthening market sentiment. Additionally, a bull flag formation on the charts indicates a potential breakout towards higher resistance levels.
Consequently, many ApeCoin traders are expecting a surge in the cryptocurrency’s value in the coming days.
Growing Surge in Large Transaction Volume
The recent performance of ApeCoin has been characterized by a noticeable increase in transaction volumes, underscoring heightened investor interest. Within the last 24 hours alone, substantial transactions totaled $30.49 million, peaking at $38.22 million on December 10.
Over recent months, the token has consistently attracted substantial trades, indicating heightened attention from institutional and high-volume investors. This escalating market interest likely contributed to the steady rise in ApeCoin’s price, particularly in late October and early December.
Positive Netflows Indicate Rising Confidence
The uptick in ApeCoin’s netflows further reinforces the growing confidence in the cryptocurrency. During the mentioned period, netflows showed a positive change of +$34.8k, with a notable surge of +$8.82 million over the past week.
These movements signify an increasing demand for ApeCoin, with more investors channeling funds into the altcoin. The total netflows over the past month amounted to +$1.43 million, aligning closely with the price surge and enhancing the positive outlook for ApeCoin.
Impending Breakout as Bull Flag Pattern Emerges
Current technical analysis also indicates a bullish trend for ApeCoin. The 4-hour chart highlights the presence of a classic bull flag pattern, hinting at a potential breakout. This pattern typically consists of a flagpole followed by a consolidation phase where prices stabilize before breaking through key resistance levels.
The Adaptive Volatility-Controlled LSMA is currently situated at $1.463, acting as a dynamic support level that could facilitate a breakout. Confirmation of an uptrend continuation would occur if ApeCoin surpasses the $1.66 mark.
The Relative Strength Index (RSI) stands at 51.39, indicating neutral momentum without overbought or oversold conditions, allowing room for further gains. Additionally, the Awesome Oscillator (AO) displays green bars, signaling mild positive momentum.
If this pattern persists, there is a chance that prices could ascend towards the $2.168 resistance level. Conversely, a drop below $1.54 might indicate a bearish reversal towards the $1.32 support level.
Analysis of Long/Short Ratio
An evaluation of the long/short ratio for ApeCoin also supports the potential for an upward movement. The ratio has recently risen to 1.10, suggesting that long positions are outweighing short positions.
This shift in sentiment reflects a growing bullish confidence in ApeCoin’s short-term outlook. A higher long-to-short ratio typically indicates robust buying interest, potentially propelling the cryptocurrency’s price higher if this trend continues.