The future may not seem so bright for ApeCoin (APE), which has seen a fall of 8% recently, marking a significant dip in a 9-month slump. This worrying downtrend has caused fear among APE holders, leading to questions whether APE is headed for a complete wipe-out.
This downward trajectory comes on the heels of unsettled conditions in the Bored Ape Yacht Club (BYAC) ecosystem, which, in the past year, has seen significant depreciation in the value of its esteemed NFT collection. The NFT floor price of BAYC has seen a heart-stopping 78% drop in the last 3 months moving from an average of 59.58 ETH to a meagre 26.083 ETH in the present day. This is accompanied by a 49% decrease in trading volumes.
The dwindling profitability of BAYC is becoming abundantly clear. Given BAYC’s alarming descent, the implications for APE holders could be grim indeed.
ApeCoin is currently traded at a market price of $1.163, indicating a 24-hour change of -1.36%. APE had seen a brief recovery recently, pushing up by 19% from a hard-won consolidation at $1.089 to reclimb the 20DMA and attempt upper-trendline resistance. Nonetheless, the resulting disappointment sent the price falling back to 20DMA support.
If APE fails to secure support here, we could see a continually cascading price. But, there is still a slim light at the end of the tunnel. If the APE bulls can consolidate at this point, then existing technical indicators suggest a possible upward move.
But there remains the question of the future for APE. Should it fall any further, it could get ensnared again by the 20DMA. However, a rally could bring it to a potential high of $1.445. On the other hand, the downside risk could see it tumble to $1.017. Such dynamics carry a risk: reward ratio of 1.91, indicating decent opportunities on the upside, but a worryingly downward slide if it falls again below the 20DMA.
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Source: Cryptonews
