The recent times have witnessed a 3% drop in ApeCoin price to $1.43, accompanied by the currency market’s sliding trend following another delay in the Bitcoin ETF application. In stark contrast to many leading cryptocurrencies demonstrating an upward trend, APE saw a 60% decrease since the year’s onset, followed by a 21% drop in the previous 30 days.
Despite the current dim condition, APE paints an optimistic picture with indicators hinting at severe overselling, indicating a steeply discounted asset. Its lingering relative strength index around the 30 level and 30-day moving average significantly under its 200-day one further signify excessive overselling and undervaluation. In a positive scenario, this would imply an imminent rebound.
However, APE’s steadily declining support level from early June, failure to maintain at the $1.50 benchmark, and further expected falls caution investors’ return to APE. This investor conservatism is likely supported by the declining NFT market, including the Bored Ape Yacht Club.
The year-end of 2022 witnessed a significant drop in NFT sales volumes. Furthermore, a few disputes have surfaced; Sotheby’s and other auction houses were sued by several Bored Ape investors alleging misrepresentation of NFTs’ viability as investments. Additionally, the Bored Ape creator, Yuga Labs, engaged in a dispute with well-known NFT market, OpenSea, over ceasing royalty collection for NFT creators. This development resulted in Yuga Labs withdrawing its support, which could hit Bored Ape Yacht Club due to OpenSea’s significant role in the NFT market.
Therefore, the near and distant future of APE does not hold much promise. There may be a short-term recovery but not before falling to $1.35 or lower. The NFT sector’s overall recovery will likely stimulate a gradual recovery for APE.
The uncertain future of APE has steered traders towards newer altcoins with higher growth potential. One promising area for the investment is presales, with numerous new tokens holding their sales. A prominent example is the Sonik Coin (SONIK), an ERC-20 meme token noted for its convergence of brazen humor and playful edginess. SONIK has raised over $900,000 since its presale last month, and with its unique personality, it aims to reach a market cap of $100 million rapidly after it’s added to trading platforms. The altcoin’s price appreciation coupled with staking opportunities making it an attractive investment. Currently priced at $0.000014, SONIK appears primed for substantial growth.
Source: Cryptonews
