As altcoin markets take a bite, ApeCoin (APE) has suffered -10% tumble, falling below the 20DMA. It’s a harsh blow for the once-heralded NFT ecosystem, making BAYC stakeholders question the future of ApeCoin. The coin’s decline has been significant, shredding -93.5% of its value from the peak in April 2022. A short-lived recovery in BAYC floor price gave hope, but it quickly collapsed, leaving ApeCoin’s prospects in a grim state.
Despite this, ApeCoin is trading at the modest price of $1.82 with a 24-hour change of -1.35%. After an initial 2-week recovery rally, which saw APE price increase by +22.5% following robust support from the lower trendline, APE outlook now appears tainted. It’s vital to highlight that APE’s technical structure seemed robust with three-days consolidation above the 20DMA. However, a sudden drop in BAYC floor price triggered APE’s dissent, leading to a -10% fall.
ApeCoin’s recovery attempt is now compromised and short-term price action seems bleak. Nevertheless, APE’s key indicators suggest some light at the end of the tunnel. The RSI has cooled off, suggesting ApeCoin may be a good purchase at present. The MACD supports this outlook, remaining bullish with divergence at 0.012 after two-weeks of impressive buy pressure.
Despite the troubled outlook, ApeCoin presents a remarkably attractive risk: reward ratio of 1.86, alongside an upside target at $2.085 (+14.18%) and a downside target at $1.85 (-7.61%). While downside momentum remains strong on ApeCoin’s technical structure, there’s a clear shift among ApeCoin holders towards meme coin presales, reflecting an amalgam of fatigue and out-of-box strategies for reclaiming profits.
One such excitement in meme coin universe is the Sonik Coin ($SONIK). It’s causing quite the stir with the audacious aim of achieving the fastest $100M market cap. A considerable 50% of the gigantic 300 billion $SONIK supply is up for grabs for early investors at a price of $0.000014, signaling a perfect entry point.
Sonik Coin isn’t just another meme coin participant; the 4,300% Staking APY indicates substantial return potential. Staking not only offers passive income but demonstrates the team’s commitment to sustainability and stability by encouraging holders to retain their tokens, thereby mitigating volatile price swings.
Pepecoin’s ($PEPE) monumental growth has established a precedent. With $SONIK’s innovative staking model and the enthusiasm surrounding its branding, it’s poised for a remarkable journey. The promise of robust staking rewards coupled with its growing buzz, in the backdrop of the founders’ transparent, community-centric vision, sets Sonik Coin apart in the vast meme coin arena.
Crypto is a high-risk asset class, and any investment here could lead to complete capital loss. Hence, caution and thorough research are imperative. Early entrants may benefit, but the ride up the sonic wave could also be tumultuous. Check out the Sonik CoinTelegram and Twitter for more information or discover ways to Buy Sonik here.
Source: Cryptonews
