$APE recovery? Many people argued that $APE coin was going to $3 - and despite the Fib showing me that it would need to bottom out the fib table to get there, I believed it for a moment.
I've since slowly changed my mind as I noticed that APE was testing the ~$4.1 support line(historically and presently). That support line has been rejected for the 5th time to date. I initially wrote on this briefly in the comment section of my previous analysis of the coin
I'm setting this new analysis up because APE broke through the triangle I was previously tracking, and I can see a new trend potentially forming. The fib tool will better help track APE as it tests current and possibly new supports. The Fib should help track where those new supports may be and clean up some of the volatility I suspect may be coming too.
** Disclaimer** I'm a novice trader working to put my thoughts out there to see how they stack up against the market - please feel free to share/comment on my studies - please don't use this chart as financial advice
Technicals
The "mini-rally" we see at the moment is likely due to an exchange of 1m coins I detail further down below or some bullish sentiment being expressed, given the 5th support rejection of $4.1
Notably, the 9MA has also become support at point 1 on the fib table presently. I suspect that for the short term, we have found a solid home base for APE's bottom (no pun intended) until we better understand what BTC and ETH will do next.
I'm yet to re-enter a position as I don't yet have confidence in what BTC and ETH are doing. They have broken out of their triangles but failed to move convincingly upward leaving me bearish on their movement over the coming days. ETH and BTC have a very strong impact on the price movement of APE so I'm sitting on my hands here.
Fundamentals
Also, there are little to no details emerging from Yuga regarding staking (other than what I previously mentioned about test-net) and the utility role it will play in their upcoming game, Otherside. This means complicated sentiments remain rooted with holders while ambiguity plays with their emotions.
Looking at "Into The Block", - the sentiment for APE is still firmly with long-term holders, that is, those who have held >100k coins for longer than six months. A few big exchanges have occurred between private wallets; notably, on the 21st and 22nd of October, 1m coins were released and re-absorbed. Likely some trade took place there - it's unclear what drove the exchange; it may have just been a shift of funds from a semi-cold wallet to a warm wallet in preparation for trading. Hard to say - the movement to me would be bearish, but that remains to be proven.
Social media sentiment on APE remains unclear/neutral as many focus on the next move by BTC/ETH, so no significant comments there for now.
