A couple of days in the past, ApeCoin [APE] revealed some current developments with its ApeCoin Enchancment Proposals (AIPs). Based on the brand new announcement, APE handed the proposal for launching the ApeCoin Bug Bounty Program, and in accordance with the vote, took the determination to postpone the coin’s staking.
1/ Will @apecoin staking ever launch? Will it’s additional delayed?@MitchellAmador, @immunefi‘s CEO, recommended a guarded launch to cut back potential dangers, with an uncapped bug bounty program that can enable an ongoing overview of $APE Coin’s staking sensible contracts. pic.twitter.com/6Goqn3LLj5
— Messari (@MessariCrypto) November 8, 2022
Right here’s AMBCrypto’s Worth Prediction for ApeCoin [APE] for 2023-24
Messari, in a tweet, reported that regardless that the delay would have disenchanted APE traders, it might additionally yield optimistic outcomes, as it might make sure the safety of ApeCoin’s staking sensible contracts.
The voting course of for the aforementioned program started on 28 October and ended on 3 November. As per the revised plan, ApeCoin staking will now go stay subsequent month, on 7 December.
3/ Token holder seeking to get entangled within the governance of a undertaking you maintain?
Messari Governor tracks your complete timeline of a proposal, offering context from preliminary dialogue to last voting and implementation.https://t.co/dVYEeqYAYQ pic.twitter.com/ETpVSwGK0V
— Messari (@MessariCrypto) November 8, 2022
ApeCoin’s NFT area additionally witnessed some progress currently, which gave traders hope. MAYC, an NFT related to ApeCoin, marked a promising improve in its gross sales by practically 30%.
Curiously, the brand new announcement couldn’t assist APE by way of its value actions, because it registered an over 8% decline in its value each within the final 24 hours and prior to now week.
CoinMarketCap’s chart revealed that at press time, APE was buying and selling at $4.25 with a market capitalization of over $1.3 billion.
This appears dangerous
APE’s each day chart revealed the bears had a large benefit out there, and issues have been about to worsen, because the MACD displayed a bearish crossover. Furthermore, the Exponential Shifting Common (EMA) Ribbon recommended an additional downtrend, because the 55-day EMA was resting above the 20-day EMA.
The Relative Power Index (RSI) registered a downtick and was beneath the impartial mark. The Cash Circulation Index (MFI) took the identical route because the RSI and was resting on the impartial mark at press time- one more bearish sign.
Can the metrics save APE?
Surprisingly, regardless of not performing up to speed in the previous couple of days, few on-chain metrics have been in favor of APE. As an illustration, APE’s social quantity went up, which mirrored the recognition of the coin within the crypto neighborhood. ApeCoin’s community progress additionally registered an uptick, which was a optimistic sign.
The change outflow spiked on 7 November, which seemed optimistic, because it was a bullish sign. Nevertheless, APE’s MVRV Ratio didn’t go up over the previous couple of days. Thus, rising the probabilities of an additional decline in APE’s value.