- ApeCoin experienced a surge in 24-hour active addresses and network growth, suggesting potential for price growth.
- Despite the positive metrics, trading volume showed little signs of increased activity.
The sudden increase in certain metrics for ApeCoin [APE] caught many off-guard, especially since there had been no significant activity for quite some time. In 2022, ApeCoin broke into the $20 range, and it seemed reasonable to assume that the upward trend would continue. However, it didn’t quite play out that way. The question now arises: is this recent development a sign of an impending upswing?
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Apecoin’s key metrics surge
According to data provided by Santiment, on 7 April, there was a notable surge in two important metrics for ApeCoin: 24-hour active addresses and network growth.
The 24-hour active address metric remarkably increased, surpassing 6,000 for the first time in several weeks. As of this writing, the number of active addresses has exceeded 2,700. The number indicated a notable shift in activity within the community.
The network growth of ApeCoin also experienced a surge, reaching a level that had not been observed in quite some time. The metric shot up by more than 1,000, suggesting an influx of new addresses joining the ApeCoin network.
Aside from the spikes above, there was an uptick in APE‘s activity, as evidenced by an increase in user token balances. This development indicated that retail investors were becoming more interested in ApeCoin, which may be a promising sign of a potential price surge.
Volume follows a different trend
Despite the significant spikes observed in other ApeCoin metrics, the trading volume did not reflect signs of increased activity. As of this writing, the volume was around 85 million, with a decline instead of an upward trend. Nevertheless, a sustained uptrend in the price of ApeCoin will likely require a convergence of all these metrics.
Daily timeframe analysis
Examining APE on a daily timeframe revealed that it had rebounded into profitable territory after enduring several days of losses. As of this writing, it was trading at approximately $4.2, representing a profit of nearly 1%.
It’s worth noting that the long and short Moving Averages (blue and yellow lines) appeared above the price trend, serving as the token’s resistance zone. However, there was also a possibility of a death cross, which could indicate a bearish trend.
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The recent increase in ApeCoin’s network growth and active addresses suggested that there was potential for price growth at press time. However, this possibility would be more robust if there were a convergence between these metrics and the trading volume.
As of this writing, according to data from Coinglass, the funding rates for ApeCoin were negative. This indicated a prevailing bet on the token’s price going down.