ApeCoin price faces headwinds as the NFT token sees a spike in profit-taking
- ApeCoin price has posted nearly 8% losses overnight, after kicking off the week with a rally.
- Proponents witness a spike in profit-taking in ApeCoin, creating headwinds for the NFT token’s price.
- Analysts predict a drop in ApeCoin price as the NFT token continues its downward spiral.
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.
As anticipated, #ApeCoin has dropped to the $14.4-$13.7 support zone! ✅ I'm now expecting a spike in buy orders around this point that pushes $APE toward $20.
— Ali Martinez (@ali_charts) April 21, 2022
A sustained close below $13.4 could invalidate the optimistic outlook for #APE, a result in further losses. https://t.co/UGsB4UWJto pic.twitter.com/ASICv0dfNY
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
