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ApeCoin Falls Below $4 Again As Its Treasury Sells Its Own Token Holdings

ApeCoin (APE) seems to be ignoring the push that the broader crypto market is making that enabled many cryptocurrencies record significant price increases during the previous 24 hours.

In fact, the digital currency that currently ranks 35th in terms of market capitalization has gone down by 3.1% for its intraday performance as it once again fell below the $4 marker.

According to latest information from Coingecko, at the time of this writing, the asset is trading at $3.99 and its weekly and bi-weekly gains have now dropped to 15.2% and 33.2%, respectively.

Over the last 30 days, ApeCoin has declined by 15.7% as it continues to struggle and although the prevailing crypto winter and the implosion of FTX are some of the possible reasons for this, some experts believe there’s more to it than just these.

More Than $19 Million Worth Of ApeCoin Disposed

At least five APE treasury wallets were found to have been using one address, referred to as “0xa29d” as a means for relay between other addresses linked with Coinbase, Binance, and the crashed FTX to facilitate and hide the massive sell of tokens.

A little over 4.6 million ApeCoins worth $19.7 million have been moved out from the project’s treasury wallet and were distributed among various addresses.

“0x876c” accounted for the largest chunk of the moved assets while around 50,000 tokens were found out to have been sent to “0xa29d.”

As it would appear, ApeCoin itself is actively and aggressively selling its holdings while exerting a lot of effort to hide its tracks by using new addresses before sending a boatload of tokens to different crypto exchanges.

As for the reason, it’s anyone’s guess up to this time as developers has yet to address the matter and offer an explanation as to why its treasury is selling its APE coin holdings.

ApeCoin Faces Daunting Road To Recovery

After peaking at $23.63 back in April 29 this year, the crypto asset has been on a steady decline until it stopped the bleeding on November 10 when it changed hands at $2.85.

Although it has managed to reclaim the $3 and $4 territories, it is still far from its pre-dump levels and is now being considered as pain in the head for investors that made it part of their portfolios.

There might be some breathing space left for the cryptocurrency as Coincodex predicts it will go up by 12% over the next five days to trade at $4.43.

However, the start of 2023 appears to be a gloomy one for the project and its problematic token as the crypto is forecasted to enter next year with a changing hands value of $2.97.

Crypto total market cap at $815 billion on the daily chart | Featured image from The Guardian, Chart: TradingView.com

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Quant Wallet Holders Reach More Than 90,000 – Time To Buy QNT?

Quant (QNT) may not be like the Bitcoin and some of its fellow altcoins like Ethereum, Dogecoin and even Shiba Inu in terms of social dominance but it is silently making its move to be included among the list of must-have crypto assets right now.

The cryptocurrency, ranking 32nd in terms of market capitalization, seems to have recovered a bit after the broader market experienced a severe slump triggered by the collapse of FTX which used to be the third largest exchange platform in the world.

According to tracking from Coingecko, over the last seven days, Quant managed to jump by 7.7% and has so far trimmed its 30-day losses to just 44%. At the time of this writing, the digital asset is changing hands at $115.85.

The steady performance of the altcoin despite the multiple occurrence of bearish cycles in the market over the last few months seem to have sparked greater interest for it as evidenced by the sudden but impressive increase in addresses that hold the crypto asset.

Quant

Image: Invezz

A Decent Growth For Quant

Some experts believe that one of the best ways to measure the growth of a crypto network is the number of addresses that hold a particular cryptocurrency.

Quant notched an important milestone in that department as it successfully added 13,000 wallets in just a span of seven days.

This is the biggest number that was tallied by QNT on a weekly basis. It is also important to note that over the last 236 weeks, the crypto’s network recorded 77,000 addresses that were holding the digital currency.

QNT wallets surpassed 90,000 in number last week, following the largest weekly increase in address count.

Because this sudden spike happened during the same time when the crypto market crashed because of the unfortunate series of events that led to the implosion of the FTX platform, some experts believe there was significant influx of Quant tokens from various exchanges.

QNT Flexes Its Long-Term Muscle

Even with the positive development, it can’t be denied that QNT also took a hit when the entire market collectively declined and all crypto assets experienced severe price dump.

In fact, Quant nosedived all the way down to $94. However, the altcoin showcased a different level of resiliency as it held its support range steadily despite strong selling pressure. In doing so, it prevented itself from revisiting the $40 marker which is considered to be its year-to-date (YTD) low.

Moreover, for the past two days, the cryptocurrency was able to increase its value by more than 30%, confirming the narrative of a strong accumulation phase that led to the sudden uptick in number of addresses holding it.

Additionally, the Quant network has tallied its highest growth rate this month, indicating a robust utility and organic performance that bodes well for the asset and are inviting signs for investors that are considering buying the token.

QNT total market cap at $1.45 billion on the daily chart | Featured image from SheKnows, Chart: TradingView.com

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Ethereum Price Surges 30% Over Last Week Lows, Addresses Holding Over 0.1 ETH Reach New ATH

Ethereum price has rallied to $2,800, which is the next significant important resistance level. Ethereum’s price has risen by 30 percent from hitting a low of $2,160 barely a week ago.

Ethereum Price Targets $3k

In the last five days, ETH has closed in the green, reaching the important resistance level of $2,805. (20-day moving average line). Price is currently stabilizing slightly below this critical level, in preparation for a new effort to break above if the bullish sentiment persists.

If successful, ETH would be well on its way to reaching $3,000 in no time. On the other hand, the $2,550 support level has held up well after yesterday’s retest (confirmed as support).

ETH/USD to retest $3k. Source: TradingView

Given that the indicators have turned bullish, ETH is well-positioned to break through the important resistance level of $2,800. ETH has a bullish bias at the moment. The critical resistance levels of $2800 and $3,000 will define the price movement for the rest of the week, so investors should keep an eye on them.

@Tradinghubb, a cryptocurrency trader, tweeted an ETH chart, suggesting that another downward move is likely to complete the correction.

Source: Twitter

Since the high in May 2021, the trend appears to be in the form of an A-B-C corrective structure. It has a perfect 1:1 ratio between waves A and C, which is usual in such corrections. In addition, the entire movement has been contained within an ascending parallel channel, implying that the bottom has been reached.

Buyers should, however, be patient until the breakout is verified by a successful retest of the resistance as support.

Related article | TA: Ethereum Rallies 10%: Why More Gains Seem Possible

Wallets Holding Over 0.1 ETH Rise

The number of addresses on the Ethereum blockchain with a balance of more than 0.1 ETH just reached an all-time high, according to the Glassnode analytics. This number has now risen to almost 6.823 million.

ETH addresses with 0.1+ coins balance. Source: Glassnode

In the past few years, the Ethereum network has grown at a breakneck pace. The growth of decentralized finance segments was largely responsible for this. Originally based on the Ethereum blockchain, DeFi and non-fungible NFT coins.

Ethereum’s mining hash rate recently surpassed 1.1 PH/s, setting a new all-time high. This comes as the network moves closer to adopting a proof-of-stake method.

In the last two years, though, it hasn’t all been good news for Ethereum. For many users, gas fees have become a big issue because they cannot afford to conduct transactions that would result in hundreds of dollars in penalties.

With the ETH 2.0 version, Ethereum is transitioning to PoS, though developers are considering changing the name. This is to avoid confusion among new users, with the ‘consensus layer’ being the replacement name under consideration. It’s expected that with a new update underway, more users will hop on the blockchain.

Related article | TA: Ethereum Holds Strong At $2.5K: Indicators Show Fresh Increase

Featured image from Pixabay, chart from TradingView.com and Glassnode