• ApeCoin [APE] experienced a 14% decline in its price over the last seven days.
• Investors were buying APE when it was trading at a low price.
• Despite bullish indicators, APE’s daily chart showed some signs of bearish pressure.

ApeCoin [APE] Price Analysis

ApeCoin [APE] has been experiencing selling pressure for quite a few days, as was evident from its recent price action. According to CoinMarketCap, APE registered over 14% decline in its price over the last seven days, and at the time of writing, it was trading at $5.05 with a market capitalization of over $1.86 billion.

Staking Activity on the Rise

Interestingly, Lookonchain revealed that APE’s buying and staking were on the rise since the collusion months of 2022. The largest $APE staking address received 300,000 $APE ($1.7M) from #Binance 1 hour ago. And currently staked a total of 2.29M $APE ($13M).

Are Investors Accumulating?

As per Santiment’s data, APE’s supply held by top addresses registered an uptick in the last week, which showed that the investors were accumulating APE when its price was lucrative.

Bearish Pressure Still Remains

Despite bullish indicators, APE’s daily chart showcased some concerns like RSI registering a downtick which is in favor of bears.

Conclusion

Though there were some positive developments like staking activity and exchange outflow increasing significantly but bearish pressure still remains as evidenced by RSI registering a downtick.