APE Remains Red Amid TwelveFold Auction

Summary:
• Apecoin price is trading sideways since the start of this week.
• TwelveFold is the first Yuga Labs NFT project on the Bitcoin blockchain.
• During the auction, 735 Bitcoin was raised from 288 top bids.
• Surprisingly, the APE coin has shown no volatility despite the successful auction of TwelveFold.

Apecoin price (APE-USD) is at a make-or-break point as crypto markets are hanging by a thread. The ongoing Bitcoin slump has put most cryptocurrencies in turmoil. For the last few days, the sideway chop in BTC price has increased the fear of another big crash. APE coin was trading at a 2.81% loss during the 1st half of Wednesday’s trading session.

APE/USD has been trading sideways since the start of the week. Our analysis shows that the bulls need to hold a very key level, or things may turn extremely bearish pretty soon. At press time, APE is trading at $4.6 level as it remains red for the 2nd consecutive day.

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APE Coin Shruggs Off Successful TwelveFold Auction

This started with the first auction of Yuga Labs’ first NFT project on the Bitcoin blockchain. The bidding concluded by raising 735 Bitcoin from 288 highest bids. This was equivalent to more than $16 million at the current Bitcoin price. The successful bidders will receive their inscription within the next 7 days.

However, despite a successful and highly hyped bidding process, Apecoin price remained affected by the news. The price showed no volatility as it has shown during such events in the past. In other Apecoin news, the community is currently voting to choose one of the two administrators for the RFP process.

Apecoin Price Needs To Hold $4.47

The one key level that the APE bulls need to hold is the $4.47 level. This level has become very critical due to multiple confluences. Firstly, this level marks the previous higher low that the price made in January. Secondly, this level also lies at the 0.5 Fib retracement level, which often results as a line in the sand for many traders.

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A closure below 0.5 Fib level usually results in a sharp decline towards the 0.618 Fib level. Nevertheless, considering the liquidity dynamics of the market, I expect the Apecoin price to retest the $5.50 again. A break above this level can propel the price to $7.8 region, which is also acting as the current range high on a higher timeframe.