ApeCoin price faces headwinds as the NFT token sees a spike in profit-taking

ApeCoin price suffered a drop after posting 16% gains and hitting a new all-time high above $17.30. Analysts believe ApeCoin could continue its downward spiral and drop lower. 

ApeCoin price plummets after hitting new all-time high

ApeCoin price has plummeted, posting 8% losses overnight. The NFT token hit a new all-time high less than 24 hours ago and ApeCoin price has plunged since then. 

Proponents identified profit-taking and the rise in selling pressure as the key reasons for the NFT token’s price drop. ApeCoin price hit an all-time high, followed by a surge in profit-taking by holders. 

The Bored Ape Yacht Club NFT collection floor price recently hit an all-time high crossing 124 ETH. The ApeCoin token, distributed to holders of the NFT rallied in response to the rise in floor price. 

Analysts have evaluated the ApeCoin price trend and anticipated a correction in the NFT token after it hit an all-time high. Analysts believe the recent pullback can be considered a healthy correction before a rally in ApeCoin price. 

Ali Martínez, a renowned crypto analyst noted the drop in ApeCoin price. The analyst predicted a decline to a support zone between $14.4 and $13.7. A fall in price could fuel a spike in buy orders and push the NFT token toward the $20 target. 

The analyst believes a sustained close below $13.40 level could invalidate the bullish thesis and result in further losses for the NFT token.