ApeCoin (APE) is currently under significant downward pressure, with multiple indicators suggesting the possibility of further price corrections. The 7-day Market Value to Realized Value (MVRV) metric shows that recent buyers are primarily at a loss, indicating potential undervaluation but also leaving room for additional declines.
The Relative Strength Index (RSI) remains low but has not yet reached oversold conditions, implying that selling pressure could persist before any potential recovery. Furthermore, the Exponential Moving Average (EMA) lines have formed a bearish “death cross,” which suggests that APE’s price may test lower support levels or, if the momentum changes, aim for recovery toward key resistance areas.
APE’s MVRV Indicates a Key Threshold
Currently, APE’s 7-day MVRV stands at -8.79%, which indicates that most holders who purchased in the past week are facing losses. A negative MVRV often signals that an asset is undervalued, as many holders are “in the red,” which can sometimes lead to a rebound as selling pressure eases.
This degree of negative MVRV suggests that APE could be nearing a bottom, as historically, lower MVRV values have indicated potential buying opportunities.
The 7-day MVRV assesses short-term profitability by comparing the current price to the average purchase price over the last week. Historically, APE has shown rebounds when its 7-day MVRV falls below -9.2%, indicating that while further declines are possible, a recovery may follow.
APE’s RSI Remains Above Oversold Levels
Currently, APE’s RSI is at 36.29, reflecting a relatively low momentum and ongoing selling pressure. The RSI is an important indicator used to determine if an asset is overbought or oversold.
Typically, an RSI below 30 suggests oversold conditions, while values above 70 indicate overbought states. Although APE’s RSI is low, it has not yet dipped into oversold territory, indicating there may still be room for further decline.
This situation suggests weakness in buying interest, and without an oversold reading, an immediate price rebound remains uncertain. Therefore, APE could continue to experience price corrections before any potential upward reversal.
APE Price Forecast: Potential for a 24.5% Decline?
The formation of a bearish “death cross” with APE’s EMA lines, where short-term EMAs cross below long-term EMAs, typically serves as a strong bearish signal, indicating that selling momentum may strengthen.
Having already dropped approximately 10% in the last 24 hours, this ongoing downtrend could bring APE’s price down to test support at $0.68, suggesting a possible further correction of about 24.5%.
Conversely, should buying interest return and the trend reverse, APE might target the resistance level at $1.14, representing a potential upside of around 25%. The future movement of APE’s price will likely depend on its ability to hold current support levels or attract new buyers.