Metaverse mania? APE and MANA rally, but sustaining it will depend on…

ambcrypto.com:

Sharing a statistically significant positive correlation with Bitcoin [BTC], the rally in the king coin’s price due to Federal regulators’ decision to restore all deposits at Silicon Valley Bank (SVB) has resulted in price gains for Metaverse tokens like Apecoin [APE] and Decentraland [MANA].

In fact, according to CoinMarketCap , APE logged a double-digit rally of 14% in the last 24 hours. This, while MANA recorded a 9% hike over the same period. 

While many traders have taken advantage of the price rallies to cash in profit, a price chart assessment of both tokens hinted at a price drawdown. Especially if buyers fail to sustain their momentum as the week progresses.

APE was trading at $4.41, at press time. While the token’s value surged over the last 24 hours, mirroring the market’s generally bullish trend, its set-up on the daily chart revealed that sellers have remained effectively in control. 

A look at the crypto-asset’s Directional Movement Index (DMI) seemed to confirm this. At press time, the Negative Directional Indicator line (red) at 25.98 was positioned above the Positive Directional Indicator line (green) at 16.24. This meant that the sellers’ strength exceeded that of the buyers as selling pressure overwhelmed buying momentum. 

Read Apecoin’s [APE] Price Prediction 2023-24

Also, the altcoin’s Average Directional Movement Index line (yellow) pegged in an uptrend at 27. This suggested that selling pressure has been very strong. And, it may be challenging for buyers to reverse it in the interim.

Furthermore, with greater distribution underway, APE’s key momentum indicators revealed that the altcoin was inching closer to being oversold. At press time, the RSI and MFI were spotted at 41.60 and 31.85,