|

ApeCoin price spells trouble despite growing interest

  • ApeCoin price is struggling to make a comeback after nearly 10% pullback over the past week. 
  • Despite the accumulation by whales and recent partnerships of Bored Ape Yacht Club NFTs, there is no positive impact on ApeCoin price. 
  • Analysts have identified a bearish pattern in the ApeCoin price chart and predicted a drop below $10. 

ApeCoin price has failed to recover its losses over the past two weeks. Analysts have a bearish outlook on ApeCoin and predict a further drop in the metaverse token. 

ApeCoin presents bearish outlook

ApeCoin, the metaverse token distributed to owners of Bored Ape Yacht Club NFTs, is struggling to recover from its downtrend. ApeCoin price has failed to hit its listing price of $20 and hit its highest value of $17.17 nearly a month ago. 

Since then, ApeCoin plummeted 35%. The company behind the development of Bored Ape Yacht Club NFTs, Yuga Labs, recently revealed the club prepared the collection for its movie debut in association with Coinbase. 

Previously Bored Ape Yacht Club ventured into vinyls and plastic collectibles. The partnerships and the updates in the NFT collection have failed to influence ApeCoin price positively. 

ApeCoin was scooped up by Ethereum whales, diversifying their portfolio. Despite accumulation by large wallet investors, ApeCoin price continued its downward spiral. 

Analysts have evaluated the ApeCoin price trend and revealed a bearish outlook. Ben Atlin, a leading crypto analyst, notes that ApeCoin price closed March at a 14% loss. The metaverse token lacks support below $11.50, and a drop below this level could trigger a significant dump in APE. 

The analyst argues that APE holders should get concerned once the price drops below $11.50, as it previously hit a downside target of $9. 

A significant drop in ApeCoin price could push it to the $8 level in the worst-case scenario. 

FXStreet analysts have identified bearish signals and crumbling selling pressure on ApeCoin. Firm rejection at $14 was a bearish sign, signaling more losses in the metaverse token as it dives lower.

Author

Ekta Mourya

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.

More from Ekta Mourya
Share:

Editor's Picks

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano is trading below $0.222 on Thursday after failing to sustain gains above the 50-day Exponential Moving Average near $0.228 the previous day. Weakening derivatives metrics and fading bullish momentum continue to weigh on sentiment, while a break below the 100-day EMA could push ADA lower. Derivatives data shows a cautious outlook for Cardano.

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar remain under pressure on Thursday as both struggle to sustain their recent recovery attempts. XRP trades below $1.36, while XLM slips beneath $0.183, as mixed derivatives metrics, weakening momentum indicators and heating market conditions suggest cautious market sentiment. Derivatives data shows weakening conditions for Ripple and Stellar.

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash price hovers above $1,300 on Thursday, sustaining its 15% gains so far this week with three straight days of recovery. Institutional and retail appeal is returning, with over $15 million in inflows recorded on Wednesday and ZEC futures Open Interest rising to a 30-day high of $2.89 billion. The technical outlook for ZEC indicates an upside bias as recovery gains traction.

Bitcoin derivatives improve, but $87,000 sell wall looms
Bitcoin (BTC) showed signs of recovery on Wednesday as derivatives positioning improved, but sell risk grew between $86,500 and $87,500, where sell orders and leveraged liquidation clusters could limit further gains.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.