![Going short on ApeCoin [APE]? You should read this before you trade](https://i.headtopics.com/images/2022/12/2/cryptoamb/going-short-on-apecoin-ape-you-should-read-this-be-going-short-on-apecoin-ape-you-should-read-this-be-1598713101821657090.webp)
The price action of APE was limited within a rising channel A possible breakout to the downside could send APE falling toward the 38.2% Fib level, or $3.412 APE saw a decline in Open Interest in the futures market ApeCoin [APE] fell below $3.954 after BTC lost $17.11k. It is worth noting that the price […]
Over the past two weeks, APE’s price movement formed a rising channel with the highest point at the 100% Fib level . At the time of publication, the price was moving in the lower range, approaching a possible breakout to the downside.
The On Balance Volume was also down, showing a decline in ApeCoin’s trading volume and demand. These indicators suggested that APE could trend downward, implying a possible downward breakout from the rising channel. However, a trading session close above the mid-point of the rising channel and the 78.6% Fib level would render the above bias null.According to Coinglass, APE posted a steep decline in open interest with the advent of December. However, it turned into a steady and smooth downward slope at the time of writing. This indicated that money had flown out of APE’s derivatives markets at the end of November.
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