• The 24-hour TwelveFold auction raised 735 BTC, or about $16.45 million at press time market price.
• Technical indicators sounded a bearish alarm for ApeCoin [APE] at the time of writing.
• Despite the hype associated with the auction, APE failed to climb in value and experienced a 1.7% drop over a 24-hour period as of 6 March.
Yuga Labs‘ TwelveFold Auction Raises 16 Million
Yuga Labs recently concluded the much-publicized auction of its inaugural Bitcoin-based non-fungible token (NFT) collection – TwelveFold. The top 288 bidders won one NFT each and will receive their inscriptions within a week, according to an update from Yuga Labs. The 24-hour auction raised 735 BTC or about $16.45 million, as per the press time market price.
Bearish Alarm Sounded for APE
Technical indicators sounded a bearish alarm for ApeCoin [APE] at the time of writing despite the hype associated with the auction. Consider this – According to CoinMarketCap, the altcoin fell by 1.7% over a 24-hour period, at the time of writing. Additionally, it’s worth pointing out that network growth went downhill after spiking in early February; daily transaction volume also dropped from $8.95 million to just over $3.2 million between mid February and 6 March respectively indicating that new participants were not joining the network due to fears of making losses on their holdings .
Supply Increase Could Increase Selling Pressure
The supply on exchanges increased over the past week which could increase selling pressure in the short term while pushing prices down further due to lack of sufficient demand from new entrants into APE’s network.. At this point bulls were struggling to defend range lows which could encourage bears if broken below them leading to more losses in value for APE’s holders/investors.. Moving Average Convergence Divergence (MACD) traversed inside negative territory also signaling potential losses ahead while Relative Strength Index (RSI) moved towards lower zones suggesting that momentum was shifting against buyers favor further confirming bearishness in near future..
Despite all the excitement surrounding Yuga Labs’s TwelveFold Auction it failed to boost ApeCoin’s [APE] prices which instead experienced losses due multiple factors including fear amongst investors regarding possible losses due to high volatility along with low demand and increasing supply on exchanges all leading towards bearish trend in near future making current investment opportunities riskier than earlier assumed by most users..
Investors should exercise caution when investing in high volatility assets such as cryptocurrencies especially during bear markets where it is quite difficult predicting exact bottom levels and duration of downtrend can extend beyond expected timeframe so they must be aware of risks involved before taking decision related investment portfolios..