- ApeCoin DAO faces backlash over high leadership payouts, impacting bullish momentum.
- Technical indicators signal a potential positive reversal as buyers prepare to enter the market.
- Downtrend weakening for ApeCoin as Aroon lines suggest a possible trend reversal.
The Web3 organization associated with ApeCoin, ApeCoin DAO, finds itself in hot water following concerns about its remuneration practices and perceived disengagement from the community. Critics have recently voiced their objections to the substantial salaries and fees reportedly received by the leadership board, with amounts reaching as high as $75,000 per month.
The controversy surrounding these payouts has ignited a wave of scrutiny, prompting discussions about the organization’s alignment with the interests of its community members. Consequently, ApeCoin’s bullish momentum suffered a setback, resulting in a recession over the previous 24 hours (from a high of $2.31 to an intraday low of $2.19).
The bearish hold remained rigid as of press time, resulting in a 1.16% drop to $2.25. This decline also affected ApeCoin’s market capitalization and 24-hour trading volume during the bear reign, which experienced drops of 1.16% and 13.57%, respectively. The market capitalization now stands at $828,713,985, while the 24-hour trading volume dwindled to $72,142,585.
On the APE/USD price chart, the Bollinger bands move linearly, with the upper and lower bands touching $2.37585787 and $2.18496784, respectively. This movement indicates that the APE market is in a phase of stability and consolidation.
The price action’s recent formation of green candlesticks as it attempts to break through the middle band shows that the negative drive is fading.
With a stochastic RSI reading of 88.55, the negative momentum may fade, and a probable positive reversal may come. This movement signals buyers are preparing to enter the market and drive the price up.
On the APE price chart, the Aroon down reading of 28.57% and the Aroon up reading of 14.29% indicate that the market is now downtrend. On the other hand, the proximity of the Aroon up and Aroon down lines suggests that the trend is weakening and a possible reversal is on the horizon.
If the Aroon up line crosses above the Aroon down line, it may indicate a change in momentum towards an uptrend.
With a value of 1.67, the Rate of Change (ROC) rating has moved into positive territory, indicating that the bearish hand may be losing its hold on the market. If the ROC rises further into positive territory, it could indicate a strengthening of the bullish trend.
In conclusion, ApeCoin faces community backlash over high salaries, causing a bearish impact, but signs of positive reversal and a weakening trend offer hope for a potential turnaround.
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