ApeCoin (APE) outlook darkens as BAYC prices hit 20-month lows

2023-07-07 04:14:40 ET

While we

reported

proponents such as Animoca brands co-founder Yat Siu believes no-fungible tokens are here to stay, the industry prints worrying figures day by day. That has affected associated assets, including ApeCoin (APE), which hit new all-time lows today (7 July).

ApeCoin price has declined by approximately 93% since touching ATHs to hit all-time lows of around $1.83 on Friday. Further, the asset’s indicators and price action present faded reversal signals, suggesting continued downtrends. That comes as the

NFT market

continues to slump.

ApeCoin price hits all-time lows

The ApeCoin ecosystem uses APE as its native token. The altcoin serves utility and governance purposes, fueling and rewarding creators that push the

web3

agenda. APE price recorded remarkable surges after launch before resorting to downsides since April last year (2022).

The downward journey saw the token hitting all-time lows of $1.83 on 7 July 2023. In that context, ApeCoin has lost around 93% of its value since its ATH.

With few elements coming into rescue, APE price could dip toward the support level of $1.60, formed by the previous surge’s 1.27 external Fibonacci retracement. The FIB zone will determine possible lows as the token lacks horizontal support beneath the current price.

Furthermore, ApeCoin price action has followed a descending resistance since Feb 2023. The line would likely hinder temporary price recoveries. Buyers should ensure a breakout from the hurdle to authorize potential bullish reversals.

BAYC prices continue to dip

Invezz.com

highlighted

how the NFT market deteriorated after Azuki ruined non-fungible token sentiment after launching a collection that resembles its initial NFT artwork. Indeed, the industry is no longer lucrative, with developers failing to satisfy participants with intriguing creations.

Bored Ape Yacht Club, an NFT collection designed as a gateway to the ApeCoin space, has also slumped relentlessly.

BAYC has dropped beneath 30 since exploring ATH of around 150 Ether in March 2021. That reflects a significant 80% dip as the collection touches 20-month lows.

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ApeCoin (APE) outlook darkens as BAYC prices hit 20-month lows

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