There has been a noticeable downturn in the value of ApeCoin (APE) over the last week, with this cryptocurrency experiencing a nearly 20% plummeting that has left it flirting dangerously with its immediate support zone. Such a sharp dip coincides with a burst in trading volumes, leaving APE in a precarious position, as traders strive to figure out which direction – bull or bear – it’s going to go next.
This setback began after APE scaled to a local peak of $1.288 on October 2nd, only to face strong opposition at the reverse Fibonacci retracement level of 0.786 at the same value. This propelled the commencement of the current markdown pushing it down to operate around the swing low support field of $1.033 to $1.107.
As bull traders pit their strength against this relentless tide, trying to secure support, the sheer 54.14% upswing in 24-hour trading volumes to $33.2 million seems to favour the sellers. As it stands, an indication of oversold could be seen in the daily Relative Strength Index (RSI) of APE, now at 32.06 from a previous 36.97. Also, the MACD histogram reveals a bearish flow, thereby adding pressure on APE’s value. Despite being on the downside, however, there remains an upside where APE bull traders need to overcome the initial resistance to counter the downward trend.
While this is happening, a contrasting story is unfolding for Launchpad XYZ. This upcoming AI platform focused on crypto signals and education has been attracting substantial presale interest with its user-friendly Web3 portal vision. It has managed to raise over $1.86 million through its presale, making it inch closer to becoming an all-encompassing portal for everything blockchain. Scheduled for launch before the end of 2023, the platform promises to offer not only substantial analytics and trading signals but also a daily newsletter, Trading Edge, meant to offer ‘market-leading alpha.’
In addition to robust trading tools and educational materials, it also plans to serve as a central hub for all Web3 requirements, including development of a peer-to-peer NFT marketplace, a decentralized exchange, hosting new NFT mints, various play-to-earn games and other Web3 projects. An integrated wallet is also part of its plan for added security of user digital assets. This suggests that Launchpad XYZ isn’t just ambitious, but also that its utility token, $LPX will be more than an anchor, as it gears towards becoming the go-to portal for all blockchain requirements.
Please note: cryptocurrencies are high-risk assets. This above information should not be construed as investment advice. Risk of capital loss is a possibility.
Source: Cryptonews
