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The Apecoin (APE) price has fallen by 93% since its all-time high. The price reached a new all-time low of $1.83 on July 7.
The price action or indicator readings show no bullish trend reversal signs. Thus, the downward trend could continue.
Apecoin Price Falls to New All-Time Low
ApeCoin is an ERC-20 token designed for governance and utility purposes. Its primary function is to fuel the APE Ecosystem, enabling and rewarding the creation of a decentralized community that is at the forefront of web3 technology.
The price increased sharply after its launch but has fallen since April 2022. The decrease culminated with a new all-time low of $1.83 on July 7, 2023. This amounted to a decrease of 93% since the all-time high.
If the decrease continues, the next support will be at $1.60. The support is created by the 1.27 external Fib retracement of the previous increase. Since there is no more horizontal support below the current price, the external Fib retracement is used to determine the potential low.
The APE price has also followed a descending resistance line since February 2023. If the price initiates a temporary reversal, the line could be expected to provide resistance. However, a breakout from it is required in order to confirm a potential bullish trend reversal.
In any case, the daily RSI does not support the possibility of a bullish trend reversal. With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.
Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true. The indicator is decreasing and is below 50, a sign of a bearish trend.
BAYC NFT Price Falls Alongside APE
The prices of Bored Ape Yacht Club NFTs, which are expected to act as the gateway to the APE ecosystem, have also fallen rapidly. This aligns with the trend for the rest of the NFT market.
Since its nearly 150 ETH all-time high in March 2021, the BAYC floor price has fallen below 30, a decrease of 80%. This is the first time the floor has been below 30 since November 2021.
There is some support for BAYC at the 27 ETH region, created by the Aug-Oct 2021 lows. But, if the BAYC floor price were to break down from this area, it could fall to the all-time low region below 10 ETH.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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