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
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
