After rejecting from upper-trendline resistance, ApeCoin (APE) has experienced a significant tumble of 8%. This latest drop adds to a nine-month cascade, leaving many investors worried about the future of ApeCoin. In addition, the broader Bored Ape Yacht Club (BYAC) ecosystem has been facing disarray, with the value of its NFT collection plummeting over the past year. This article will provide a comprehensive analysis of the current APE price movement and its potential impact on ApeCoin holders.
Over the past three months, the BAYC NFT floor price has collapsed by a staggering 78%, from an average of 59.58 ETH to only 26.083 ETH today. This significant decrease in value is accompanied by a 49% decrease in trading volumes, indicating a decline in profitability for BAYC. The implications of this decline in BAYC’s value are dire for ApeCoin holders, as it could potentially lead to further losses.
At present, ApeCoin is trading at $1.163, reflecting a 24-hour change of -1.36%. Following a brief recovery period, where ApeCoin experienced a 19% increase from consolidation at $1.089, the token was able to reclaim the 20-day moving average (DMA) and test upper-trendline resistance. However, this short-lived recovery was met with rejection, causing the price to plunge back to 20DMA support. This support level is crucial, as a failure to establish support here could trigger a cascading price action.
Analyzing ApeCoin’s indicators, the RSI is showing bullish divergence at 42.02, indicating a cooling down from the recent price push-up. Meanwhile, the MACD is also displaying bullish divergence at 0.024, suggesting that there is still momentum for further upward movement. Taking these indicators into consideration, it is evident that APE is currently in a precarious retracement phase. If the price falls further, it will once again be trapped by the 20DMA. However, if bulls can consolidate at this level, there is potential for the upside to resume.
Based on the current price analysis, ApeCoin has an upside target at higher support around $1.445, representing a possible increase of 24.14%. On the other hand, the downside risk could lead to APE plummeting to $1.017, potentially resulting in a decrease of 12.63%. When considering these potential targets, it is important to note that ApeCoin carries a risk:reward ratio of 1.91. This ratio signifies a favorable entry point, offering decent upside potential. However, if price action fails to consolidate above the 20DMA, APE could experience a prolonged downward trend.
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