- APE has experienced a significant decline of over 17% in price.
- APE’s value is close to its historical low of $1.00.
- The declining prices of APE and Bored Ape Yacht Club NFTs are correlated.
Over the past month, ApeCoin (APE) has encountered significant challenges, experiencing a notable decline of over 17% in its price. This downward trend has not only impacted APE but has also reverberated within the Bored Ape Yacht Club (BAYC) NFT collection, reflecting the struggles faced by both entities.
According to CoinMarketCap, a leading platform for monitoring the cryptocurrency market, APE was traded at $1.92 at the time of reporting, reflecting a slight decline of 0.26% within the last 24 hours. This places the crypto’s value close to its historical low of $1.00. Notably, APE had previously achieved an all-time high of $39.40 in 2022, signifying a significant decrease of over 95% in its price.
APE’s recent challenges were also apparent in the significant decline of its price by over 11% in the past week. Additionally, there is a noticeable correlation between the decreasing value of APE and the declining prices of Bored Ape Yacht Club NFTs.
The floor price of these highly coveted digital assets has experienced a significant 26% decline in the past week, currently resting at approximately 35 ETH. This downward trajectory closely mirrors the decrease observed in APE, suggesting a potential correlation between the two.
From a technical standpoint, APE had found support at the crucial level of $1.767, maintaining its position above this significant threshold for the preceding week. However, should bullish investors fail to intervene and safeguard the $1.767 support, there is a potential risk for the altcoin to further decline towards its historical low of $1.
However, if APE surpasses the 9-day and 20-day Exponential Moving Average (EMA) lines, currently positioned at approximately $2.142, within the next 48 hours, it could potentially target the resistance level at $2.547. A successful breach of this resistance level would pave the way for APE to ascend to $3.078 in the subsequent week.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
