In spite of this, there is a possibility that price fluctuations will occur in the days ahead.
Since the early sessions of August, when the alternative currency was thrown out of the barrier at $7.7, ApeCoin has been navigating downward trends. Since June, the levels of $4.17 and $3.18 have served as vital supports. Even when looking at Bitcoin's price charts, there wasn't much evidence of movement.

Keep in mind that the connection between APE and BTC is now at +0.97. If Bitcoin fails to show any signs of upward momentum, then it's possible that APE won't have the power to record an upside bounce.

A Bullish Outlook Could Dominate in the Short Term, but

A bullish block was written on APE's daily chart on September 6, according to the chart. On two separate occasions (October 20 and November 2), the alternative token had a support price validation test at $4.17. In conjunction with the test at $4.61 that took place on September 16, this bullish block experienced a favorable price response. However, APE bulls could not maintain their strength indefinitely.

On November 8, when the FTX situation became more apparent, bullishness began to decline. The occurrences served as triggers for downward trends, which resulted in APE plunging to a swing low price of around $2.618. As a result, the prior bullish block may have broken down into bearish territory instead.

ApeCoin dropped from its previous price of $5.25 to its current price of $2.618, which prompted analysts to plot FIB retracements. The retracement areas for 61.8% and 78.6% were located at $4.24 and $4.68, respectively, and boasted a confluence with the breaker that was mentioned earlier.

Since the late sessions in September, the CMF (Chaikin Money Flow) has remained below -0.05 on its 24hr chart, which indicates that a significant amount of cash is flowing away from the system. The on-balance volume (OBV) continued to show a downward trend. In addition to that, the indicators revealed a significant amount of massive selling momentum within the market.

Bearish pressure was also indicated by the fact that the RSI (Relative Strength Index) fell below the 50-point mark that represents neutrality during this time period. Given the amount of selling going on, the alternative will hardly make any progress in an upward direction. In spite of this, bears might look for profitable R:R "shorting" opportunities if APE surged to $4.2–$4.6 if the price range was reached. In the meantime, the short entry would be rendered invalid if the 24-hour closing price was higher than $4.8.

Negative Weighted Sentiment Prevalent in Light of APE's Poor Performance

Since the beginning of November, the weighted sentiment index has been plunging deeper and deeper into negative territory. Additionally, ApeCoin's social dominance remained low, with the exception of November 11 of this year. The dominance metric began a downward trend toward the month's end of October.

That pointed to a negative social media outlook for APE, which was a picture that was to be expected considering the price action of the token over the course of the previous three weeks. However, recent months have seen a sharp increase in the number of 24hr active addresses, although this may not necessarily portend bullish effects for ApeCoin in the near term.