Barriers Failed to Prevent the Decline of Apecoin (APE) Price

Apecoin trading price is declining steadily, reflecting major seller presence in the past four trading sessions. Sellers seemed more aggressive compared to buyers. Moreover, buyers were continually trying to establish their positions, but the price needed to sustain more time on higher levels.

ApeCoin, the Ethereum-based token that will power Yuga Labs’ ambitious Otherside metaverse game and other apps, hit an all-time low on Tuesday. At the same time, the firm’s “blue chip” Bored Ape Yacht Club NFT collection was also under pressure.

The Bored Apes Yacht Club NFTs’ stratospheric ascent in 2021 and 2022 made its 10,000 simian-themed toys the icons of Web3 for general audiences. However, as the PFP market as a whole struggles, assets linked to Yuga Labs’ blockbuster game seem to be returning to the support level. 

Price Analysis of Apecoin 

In the past 52 weeks, Apecoin’s lowest traded value was $1.77, which was recently in the weekly time frame, and its highest traded price was $7.70. After analyzing the technical aspects of APE, it is noticed that if sellers continue to dominate, it might register a fresh 52-week low. 

ApeCoin dropped as low as $1.77 late Monday and early Tuesday, according to CoinGecko. The token has recovered to $1.84 as of the time of writing, although it was still down 1% the previous day and 9% the last week.

When ApeCoin first entered the market in March 2022, it was priced at $8.54. The following month, its value soared to $26.70. In April 2022, as Yuga’s Otherside game was getting ready to debut NFT-based land plots that would let users design their areas in the virtual world, Bored Apes also hit a minimum peak price of 152 ETH, or $429,000.

According to CoinMarketCap data, Apecoin (APE) was trading at $1.81 with an intraday trading volume of $54,717,523. In terms of trading volume, it is the industry’s 60th most traded crypto token. 

APE price declined over 26.99%, and has been declining over the past few hours. Its total supply is 1,000,000,000 APE, from which the circulating supply is $368,593,750 APE. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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