APE Coin (APE) Plummeted to All-Time Low (ATL) at $1.953, Experiencing a 40% Decline in 15 Days
Yuga Labs’ ApeCoin, BAYC, and MAYC commanded Crypto Twitter trends in Asia, but no positive updates or significant price reversals transpired. ApeCoin (APE) currently faces downward pressure amidst the prevailing bearish market conditions.
Over the past fifteen days, the web3 altcoin ApeCoin has witnessed a significant decline of over 40%, dropping from $3.372 on June 4 to $2.02 currently. Its all-time low of $1.953 on Monday heightened investor panic.
In addition, a heated debate emerged last week within the ApeCoin DAO community regarding controversial six-figure annual salaries, resulting in a 10% drop within the following 24-hour period. This controversy further intensified the downward pressure on APE’s value.
While ApeCoin (APE) faced downward pressure, its NFT siblings, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), observed significant increases in sales volume.
CryptoSlam data reveals that BAYC saw a remarkable 230% gain in 24 hours and a 12% gain over the week. Similarly, MAYC surged by 133% within 24 hours and 2.5% over the week. These positive developments highlight the diverging trends between APE and its NFT counterparts.
As per CoinMarketCap, ApeCoin (APE) is currently trading at $2.03, reflecting a modest gain of 1.6% within the last 24 hours. However, this recent uptick is relatively insignificant when compared to the substantial losses the token has experienced since the beginning of Q2 2023. The price patterns of APE continue to be subject to analysis and decoding in order to understand its market behavior.
ApeCoin Price Chart (Source: TradingView)
The daily timeframe chart for ApeCoin (APE) reveals a disappointing market performance. The occurrence of a negative crossover, with the 21-day moving average (21MA) crossing above the 9MA, confirms the extreme bearish condition. Additionally, the relative strength index (RSI) reading of 25.70 indicates that the token is in a strong oversold state. These metrics highlight the challenging situation faced by APE in the market.
APE/USDT Resistance and Support Levels (Source: TradingView)
If the ongoing downtrend persists without any indication of a reversal, ApeCoin (APE) could potentially establish a new all-time low (ATL) in the coming weeks. Given the current bearish scenario, there is a possibility of APE breaking down below its crucial support level of $1.951.
However, in the event of a bullish correction, APE may experience a rally towards new resistance levels at $2.292 and $2.812. The future trajectory of APE remains uncertain, with both bearish and bullish possibilities on the horizon.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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