ApeCoin price inches closer to $5, could breach this critical level by the end of October

ApeCoin price was launched into the crypto market with a lot of hype, but in the last couple of months, that hype has dissipated. Although the coin is still dependent on broader market cues, a lot of its movement is also influenced by the NFT (Non-Fungible Token) market. Being the token of the Bored Ape Yacht Collection (BAYC), APE’s lack of growth might be impacted by the state of the BAYC market.

ApeCoin price in the lows

Since May, ApeCoin price has been on a consistent decline, with APE falling from near $20 to $4.7. Although the improvement noted in prices towards the end of September raised expectations for a relatively better Q4, the month of October disregarded that. 

However, the last few days have placed APE in a better spot for a run up to $5 after a 12.35% rise since the altcoin is nearing a six-month-old downtrend line.

Even though this line has been tested multiple times in the past, including a successful test as support, APE has fallen below it. Should ApeCoin price breach above it over the next couple of days and test it as support again, APE could cross the $5 mark by the beginning of November.

The presence of Parabolic SAR’s blue dots under the candlesticks does indicate an uptrend, but a recovery is still far away. For APE to recoup its losses, it must climb up to $7.5 and test the uptrend line as support. The high lows formed in the past defined this line, however, ApeCoin price journey toward it might take a while.

The impact of BAYC

APE’s price can be influenced by BAYC’s movement, but the current state of the NFT market restraints it from doing so. Over the last 30 days, BAYC’s sales have been very meager, averaging at $500K on a daily basis. 

The bearish cues from the crypto market have impacted the NFT market to the extent that October’s NFT sales are the lowest observed in almost 15 months. 

Regardless, BAYC is doing its best to reach a wider audience, forming the BAYC Council earlier this month. Yuga Labs (BAYC’s creator) intends to grow its web3 presence through this council. What impact it may have on ApeCoin’s price is yet to be seen.