ApeCoin Traders In Worry As APE Hits All-Time Low

• ApeCoin (APE) hit its all-time low (ATL) at $1.953 on Monday.
• Price of APE dropped 40% over the past 15 days.

All Ape-related creations from Yuga Labs — ApeCoin, BAYC and MAYC — dominated the trends on Crypto Twitter during the Asian noon hours. Neither a positive update nor a pivotal price reversal has occurred. Currently, ApeCoin (APE) is weighed down by the bearish storm.

In the past fifteen days, this web3 altcoin has experienced a decline of over 40%, dropping from $3.372 on June 4 to $2.02 at press time. On Monday, after plunging to its all-time low of $1.953, it pushed all its investors into a state of panic. 

Notably, last week, ApeCoin DAO landed in a heated debate with its community regarding the controversial six-figure annual salaries. APE fell 10% in the subsequent 24-hour window post this controversy, intensifying the downtrend pressure.

Meanwhile, the project’s NFT siblings — Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (NFT) — experienced notable upsides in sales volume. According to CryptoSlam data, BAYC recorded a 24-hour gain of 230% and a weekly gain of 12%. Likewise, MAYC surged 133% in 24 hours and 2.5% in a week.

Decoding Recent Patterns of ApeCoin (APE) 

At press time, as per CoinMarketCap, APE traded at $2.03 after recording a 1.6% gain in the last 24 hours. This brief uptick is insignificant compared to the major losses the token had witnessed since the start of Q2 2023. Let us analyze and decode the price patterns of ApeCoin (APE)

The metrics on the above daily timeframe chart highlight the disappointing market performance of ApeCoin (APE). The negative crossover, indicated by the movement of APE’s 21-day moving average (21MA) crossing above the 9MA, confirms the extreme bearish condition. Furthermore, the RSI reading at 25.70 denotes the token’s strong oversold state. 

If the downtrend continues with no sign of trend reversal, APE might record a new ATL in the upcoming weeks. In this harsh bear trap, there is a possibility of APE breakdown at its key support level of $1.951. By any chance, if a bullish correction, APE could also rally to newer resistance levels — $2.292 and $2.812.

A rebound at or a further breach below the support level could change the game for ApeCoin (APE). Tweet your prediction on this @TheNewsCrypto.

Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be interpreted as investment advice. 

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