The ApeCoin Quandary: Why Additional Losses Could Persist
31 Agosto 2023 - 8:00PM
NEWSBTC
ApeCoin (APE) finds itself grappling with a tumultuous period as
on-chain metrics present a mixed picture while price charts
continue to reflect the dominance of bearish sentiment. In recent
weeks, ApeCoin has encountered a series of conflicting signals from
its on-chain metrics. While such metrics are typically
regarded as essential indicators of a cryptocurrency’s health, they
have failed to provide a clear consensus on APE’s trajectory.
Despite this ambiguity, one undeniable fact remains – bears are
firmly in control of ApeCoin’s price movements. Related Reading:
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$0.00001 Projection ApeCoin Price Plunge Persists Despite
Short-Lived Rebounds Mid-August witnessed ApeCoin’s value tumble
from a relatively promising $2.216 to a worrisome $1.66. Market
observers and analysts swiftly responded by plotting a
comprehensive set of Fibonacci retracement and extension levels
based on this steep decline. Unfortunately, the downward pressure
experienced by APE over the subsequent two weeks has prevented any
semblance of recovery, pushing its value even lower than the
initial drop to $1.66. APE price action in the last week. Source:
Coingecko As of the latest data, ApeCoin’s price currently hovers
at $1.48 according to CoinGecko, reflecting a 0.7% decline over the
past 24 hours. This downtrend is further underscored by a 0.8%
slump observed over the course of the past seven days. Despite such
precarious circumstances, analysts are identifying potential bright
spots within the gloomy horizon. ApeCoin (APE) has experienced two
significant collapses, paralleling the decline of other altcoins in
the cryptocurrency market. After dropping below the support level
of $1.72 last week, APE has not managed to rebound. Despite efforts
by APE proponents to push for an increase, they have been stymied
by adverse market conditions. There’s a prevailing belief among
experts that the ongoing bearish trend in the market could continue
to negatively impact ApeCoin, potentially leading its price to
plummet to $1. Investor Exodus Fuels ApeCoin’s Woes In tandem with
the persistent decline in ApeCoin’s value, a separate report
underscores the alarming exodus of investors, particularly those
with significant holdings, colloquially known as whales. Faced with
a lack of profit opportunities within the APE ecosystem, these
whales have sought more promising investment avenues elsewhere.
APEUSD trading at $1.49 billion. Chart: TradingView.com This mass
departure has undoubtedly contributed to the accelerated downward
spiral of ApeCoin. Consequently, as the coin grapples with mounting
challenges, questions are raised about its near-term viability.
Related Reading: Cardano (ADA) Price Nears A Pivotal Shift – A
Breach Into The $0.3 Level? ApeCoin’s journey in recent times has
been characterized by a tug-of-war between uncertain on-chain
metrics and the unmistakable dominance of bearish price charts.
While the crypto community holds onto hope for potential rallies in
the future, APE’s immediate prospects remain under intense
scrutiny. As the market eagerly watches, the fate of ApeCoin hangs
in the balance, teetering between revival and irrelevance. (This
site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from iStock
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