Will Apecoin(APE) Price Downtrend Breach The $1 Threshold?

Apecoin is an ERC-20 governance token which is used within the APE ecosystem. It builds and empowers the community around web 3. It is inspired by the Yuga labs BAYC project. Meanwhile, the Apecoin DAO aims to build and maintain the ecosystem in a fair and inclusive way.

Apecoin has a total holders of 129780 with a total supply of 1,000,000,000 APE in which 36% is circulating in the market. The total holders along with the transactions count of the APE has remained stagnant. Meanwhile, the average number of new accounts created on the network has remained 200. The weekly active users along with the treasury of the ecosystem has observed a decline in the past few months. Many analysts are expecting a strong growth in the APE ecosystem in the near future.

Apecoin has a market cap of $499 Million and is ranked 62nd in the coinmarket cap. The volume of the asset price has observed a surge of more than 144% which can change the direction of price. The V/M ratio of the APE hints towards a weak consolidated bearish trend.

Is APE Price Poised To Break Down Below $1?

Apecoin is currently observing a struggle between the bulls and bears on the daily chart. On coming to the daily chart, it is trading near the value of $1.354 with a small drop in the intraday session. The upside trend of APE can observe a halt near the value of $2. Meanwhile, the support of the asset price can be seen near $1. The asset price is trading in a weak downside parallel channel. If it breaks above it then a strong upside momentum to a new high can be seen in future. APE price is currently below the 50 and 100 Daily Moving Average. If it jumps above the DMA then a strong bullish trend can be seen in future.

The RSI of the asset price is near the value of 27 suggesting its presence in the oversold zone. There is no slope in the indicator hinting towards a consolidation in price.

Summary

Apecoin has observed a decline in their treasury and weekly active users. APE holders and transactions has also not been observing growth. APE price is currently in a weak consolidated momentum but can see a new high in the future.

Technical Levels

Major Support: $1

Major Resistance:$2

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.