Is Apecoin Going to Zero? APE Price Plummets 8%

Apecoin (APE) Dips -8% Amid Bored Ape Yacht Club (BAYC) Issues - Zero Lurks?

Apecoin (APE) has experienced a significant -8% decline, causing concerns among investors who are now wondering whether Apecoin is headed towards zero. This recent price drop adds to a nine-month-long decline in APE’s value, and it occurs in the midst of growing troubles within the Bored Ape Yacht Club (BAYC) ecosystem, which has seen the once-prestigious NFT collection’s value plummet over the past year.

Taking a closer look at the floor price of BAYC NFTs over the last three months reveals a staggering -78% decrease, dropping from an average of 59.58 ETH to just 26.083 ETH today. This sharp decline is accompanied by a -49% decrease in trading volumes, painting a grim picture for BAYC’s profitability.

The repercussions of BAYC’s struggles are now affecting APE holders, potentially leading to a disaster scenario. Let’s delve into the Apecoin price analysis to gain more insights.

APE Price Analysis: Is Apecoin Going to Zero? Amid these tumultuous developments, Apecoin is currently trading at a market price of $1.163, indicating a -1.36% change over the past 24 hours.

This decline follows a brief recovery for Apecoin, during which it surged +19% from a hard-fought consolidation phase at $1.089. This price increase allowed APE to reclaim the 20-day moving average (20DMA) and test upper-trendline resistance.

However, the subsequent rejection led to a sharp decline back to the 20DMA support level. This level now holds immense significance as it will determine the next course of action for APE. If APE bulls fail to establish support at this level, the price could continue its downward spiral.

Since August 15, the 20DMA has acted as a strong resistance level, suppressing any attempts at an upward price movement. This highlights the potential risk if Apecoin falls below this moving average once again.

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In terms of technical indicators, the Relative Strength Index (RSI) is showing a bullish divergence at 42.02, suggesting that the recent price surge has cooled down.

The Moving Average Convergence Divergence (MACD) is also indicating bullish divergence at 0.024, indicating that there is still momentum for a potential upward movement.

In conclusion, Apecoin currently finds itself in a precarious retracement phase. If the price falls further, it will once again be constrained by the 20DMA. However, if bulls can consolidate at this level, technical indicators suggest the potential for an upward movement.

This leaves APE with an upside target around $1.445, representing a possible +24.14% increase. On the downside, a breach of support could lead APE to plummet to $1.017, resulting in a potential -12.63% drop.

Apecoin is currently presenting a risk-to-reward ratio of 1.91, offering a decent entry point characterized by significant upside potential. However, failure to consolidate above the 20DMA could result in a continued decline toward zero, posing a substantial risk to investors.

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Apecoin (APE) has experienced a significant -8% decline, causing concerns among investors who are now wondering whether Apecoin is headed towards zero. This recent price drop adds to a nine-month-long decline in APE’s value, and it occurs in the midst of growing troubles within the Bored Ape Yacht Club (BAYC)…

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