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The ApeCoin price dropped over 5% in the last 24 hours to trade at $1.52 as of 2:48 a.m. EST as investors dump their holdings in the meme coin on the market.
Despite the recent correction, the APE price is still up more than 3% over the past 7 days. Its positive monthly performance remains intact as well, with the crypto 36% in the green on the longer-term time frame.
ApeCoin Price Hovering Above A Negative Trend Line
4-hour chart for APE/USD (Source: GeckoTerminal)
The ApeCoin price was rejected by the $1.6042 resistance level in the last 24 hours, according to data from GeckoTerminal. As a result, the meme coin is approaching the support at $1.4660. Before APE potentially drops to this technical safety net, it will first need to break below a medium-term negative trend line that has emerged on its charts.
Should the ApeCoin price fall below the trendline in the next 12 hours, the meme coin might stand the risk of losing the $1.4660 support. Bears could then choose to push APE down to as low as $1.3233 in the short term.
On the other hand, the ApeCoin price staying above the descending trend line that has appeared on its charts for the next 8 hours could lead to a bullish rebound for the crypto. In this alternative scenario, APE might attempt another challenge at the aforementioned $1.6042 barrier. Overcoming this obstacle could then clear the room needed for a rise to $1.7378.
Technicals Warn The ApeCoin Price Could Drop Some More
From a technical standpoint, indicators on APE’s 4-hour chart suggest the ApeCoin price might drop some more in the coming few hours. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) warn bears currently have the upper hand against bulls.
In recent hours, RSI readings have dropped below the neutral 50 benchmark. Traders often see this as a sign that sellers have an advantage over buyers, with the former having more strength than the latter. The negative slope of the RSI line also suggests bears are still accumulating strength, which could lead to a continued drop in the ApeCoin price if bulls don’t step in soon.
Meanwhile, the MACD line crossed below the MACD Signal line in the last few hours as well to indicate that the ApeCoin price has entered a short-term negative trend. With the MACD line breaking away below the MACD Signal line, it appears the bearish momentum shows no signs of slowing down just yet.
While APE stands the risk of testing support, investors are turning their attention to a new meme coin in presale phase by the name of Flockerz (FLOCK).
So far, the meme coin has managed to raise over $6.9 million through its ongoing ICO, signaling strong investor confidence in the project’s future. Should this momentum continue, the meme coin’s presale could surpass the $7 million mark later today.
This strong ICO performance comes amid bullish predictions made on FLOCK by several crypto analysts. Among them is Crypto Zeus, who told his more than 39K YouTube subscribers in a recent video that FLOCK “could be huge.”
A Truly Decentralized Project
Many projects in the crypto space have claimed to be fully decentralized. However, this often turns out not to be the case. This is where Flockers (FLOCK), with its innovative vote-to-earn model, stands out.
All FLOCK holders have a say in the project’s future direction, and are given the ability to vote on important governance decisions as long as they are invested in the meme coin. By casting their vote on important decisions, token holders are rewarded with additional FLOCK tokens.
The flock isn't messing around! Our Vote to Earn system is serious business! 🐦👋 pic.twitter.com/mrWNyKrPy7
— Flockerz (@FlockerzToken) December 16, 2024
This innovative voting system will likely keep token holders engaged with the project in the long run, which is something even non-meme coin projects struggle to accomplish. What’s more, the ability to vote on decisions that impact the project’s future gives the project an unprecedented degree of decentralization.
Investors Rush To Buy FLOCK During Its Ongoing Presale
With the bullish predictions from experts such as Crypto Zeus, combined with the project’s meme coin appeal and its innovative vote-to-earn mechanism, it’s easy to see why investors have poured close to $7 million into FLOCK’s ongoing ICO.
Investors who want to get in on the ground stages of the project can do so using the simple buy widget embedded on the project’s website. Selling for $0.0064523, FLOCK tokens can be bought with either crypto or bank card.
Once purchased, the FLOCK tokens can then also be put to work immediately, with a 403% APY on offer to anyone who buys and stakes FLOCK now.
Purchase and stake FLOCK here for the 403% APY.
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