Crypto’s latest baby, ApeCoin, has been on the rise since its introduction to the market yesterday. The governance token made an attempt at the $18 resistance today but failed to as it was hit by severe selling congestion at $17.8.
The surge to $17.8 was fueled by several announcements of enlistment on several exchanges . One of the major stories was that Binance was listing the coin. Other key trading platforms have also followed suit, adding up to strong fundamentals and leading to a more than 75% increase over the last 17 hours.
The most recent hike has garnered a lot of reaction from traders who either purchased the token in the early stages or got the airdrop. Most are reciprocating the kindness by offering a piece of their earnings to other individuals. Unfortunately, the coin dipped as it was overbought.
Mixed Reaction on ApeCoin
The most recent drop in the digital asset value has also gained mixed reactions from traders. While many hope APE will resume its uptrend, others believe it’s done and will continue to experience corrections.
Bearish traders are also advising others to sell off their bags and take profit. The current state of the market suggests some are heeding this advice. However, it is still perceivable that the token is still bullish as per the general market sentiment.
ApeCoin is not the only coin benefitting from the improved sentiment prevalent in the sector. Waves is also experiencing notable increases in price as it is up by more than 6% as at the time of writing.
WAVES made an attempt at the $32 resistance but fell short as it lost momentum. It hit a high of $31.8 before the drop to the current price ($30.2). Unfortunately, the most recent increase is hiding a brewing storm as the token is overbought.
Additionally, the Moving Average Convergence Divergence (MACD) has been on the rise, threatening a bearish convergence.
