Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- ApeCoin (APE) reached its all-time low (ATL) at $1.953 on Monday.
- The price of APE has decreased by 40% over the last 15 days.
All Ape-related projects from Yuga Labs — ApeCoin, BAYC, and MAYC — were trending on Crypto Twitter during the Asian noon hours. There has been neither a favorable update nor a significant price reversal. Presently, ApeCoin (APE) is under the influence of a bearish trend.
Over the past fifteen days, this web3 altcoin has seen a decline exceeding 40%, falling from $3.372 on June 4 to $2.02 at the time of writing. On Monday, after dropping to its all-time low of $1.953, it caused widespread concern among its investors.
Importantly, last week, ApeCoin DAO engaged in a contentious discussion with its community regarding the contentious six-figure annual salaries. Following this debate, APE experienced a 10% drop in the following 24 hours, exacerbating the downward pressure.
In contrast, the project’s NFT counterparts — Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) — saw significant increases in sales volume. As per CryptoSlam data, BAYC achieved a 24-hour increase of 230% and a weekly rise of 12%. Similarly, MAYC surged by 133% in 24 hours and 2.5% over the week.
Analyzing Recent Trends of ApeCoin (APE)
At the time of writing, according to CoinMarketCap, APE was trading at $2.03 after a recorded gain of 1.6% in the last 24 hours. This slight increase is minimal compared to the substantial losses the token has experienced since the beginning of Q2 2023. Let us examine and interpret the price trends of ApeCoin (APE).
Related Posts
ApeCoin Price Chart (Source: TradingView)
The indicators on the daily timeframe chart above illustrate the unsatisfactory market performance of ApeCoin (APE). The negative crossover, shown by the 21-day moving average (21MA) surpassing the 9MA, confirms the severe bearish condition. Additionally, the RSI reading at 25.70 indicates that the token is significantly oversold.
APE/USDT Resistance and Support Levels (Source: TradingView)
| Key Resistance Levels | $2.292 and $2.812 |
| Key Support Level | $1.951 |
If the downward trend persists without any indication of a reversal, APE may set a new ATL in the coming weeks. In this challenging bear market, there is a risk of APE breaking down below its key support level of $1.951. Conversely, if a bullish correction occurs, APE could also rise to new resistance levels — $2.292 and $2.812.
A rebound at or a further decline below the support level could significantly impact ApeCoin (APE). Share your predictions on APE with us @TheNewsCrypto.
Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be interpreted as investment advice.
Recommended For You:
Bitcoin Market Dominance Exceeds 50%, Setting New Record
