ApeCoin (APE) price breakout of the double-bottom formation on Monday and, at the time of writing on Tuesday, trades at $0.847.
ApeCoin price validated a double-bottom pattern, signaling a bullish move. On-chain data paint a bullish picture on APE’s rising open interest, negative exchange flow balance, and decreasing supply on exchanges. A daily candlestick close below $0.634 would invalidate the bullish thesis. ApeCoin price breakout of the double-bottom formation on Monday and, at the time of writing on Tuesday, trades at $0.847. This pattern signals a potential trend reversal favoring the bulls.
The OI indicates the total number of outstanding derivative contracts that have not been settled and whether money flows into the contract are increasing or decreasing. Increasing OI represents new or additional money entering the market and new buying, which suggests a bullish trend. When OI decreases, it is usually a sign that the market is liquidating, more investors are leaving, and the current price trend is ending. The graph below shows that APE’s OI increased from $31.
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