ApeCoin (APE) finds itself grappling with a tumultuous period as on-chain metrics present a mixed picture while price charts continue to reflect the dominance of bearish sentiment.
In recent weeks, ApeCoin has encountered a series of conflicting signals from its on-chain metrics. While such metrics are typically regarded as essential indicators of a cryptocurrency’s health, they have failed to provide a clear consensus on APE’s trajectory.
Despite this ambiguity, one undeniable fact remains – bears are firmly in control of ApeCoin’s price movements.
ApeCoin Price Plunge Persists Despite Short-Lived Rebounds
Mid-August witnessed ApeCoin’s value tumble from a relatively promising $2.216 to a worrisome $1.66. Market observers and analysts swiftly responded by plotting a comprehensive set of Fibonacci retracement and extension levels based on this steep decline.
Unfortunately, the downward pressure experienced by APE over the subsequent two weeks has prevented any semblance of recovery, pushing its value even lower than the initial drop to $1.66.
APE price action in the last week. Source: Coingecko
As of the latest data, ApeCoin’s price currently hovers at $1.48 according to CoinGecko, reflecting a 0.7% decline over the past 24 hours. This downtrend is further underscored by a 0.8% slump observed over the course of the past seven days. Despite such precarious circumstances, analysts are identifying potential bright spots within the gloomy horizon.
ApeCoin (APE) has experienced two significant collapses, paralleling the decline of other altcoins in the cryptocurrency market. After dropping below the support level of $1.72 last week, APE has not managed to rebound.
Despite efforts by APE proponents to push for an increase, they have been stymied by adverse market conditions. There’s a prevailing belief among experts that the ongoing bearish trend in the market could continue to negatively impact ApeCoin, potentially leading its price to plummet to $1.
Investor Exodus Fuels ApeCoin’s Woes
In tandem with the persistent decline in ApeCoin’s value, a separate report underscores the alarming exodus of investors, particularly those with significant holdings, colloquially known as whales. Faced with a lack of profit opportunities within the APE ecosystem, these whales have sought more promising investment avenues elsewhere.
APEUSD trading at $1.49 billion. Chart: TradingView.com
This mass departure has undoubtedly contributed to the accelerated downward spiral of ApeCoin. Consequently, as the coin grapples with mounting challenges, questions are raised about its near-term viability.
ApeCoin’s journey in recent times has been characterized by a tug-of-war between uncertain on-chain metrics and the unmistakable dominance of bearish price charts. While the crypto community holds onto hope for potential rallies in the future,
APE’s immediate prospects remain under intense scrutiny. As the market eagerly watches, the fate of ApeCoin hangs in the balance, teetering between revival and irrelevance.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock