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- Apecoin has seen a fall of more than 50% in a past few months. They have also approved $4.4M for bug bounty
- APE/BTC pair has seen a fall of 3% in the intraday session.
ApeCoin is an ERC 20 token for Ape eco system.The holders of Apecoin can govern themselves with the help of a decentralized framework controlled by Ape Dao. Ape DAO has recently approved a $4.4 Million bug bounty for the staking mechanism. Ape ecosystem is inspired by yuga labs BAYC. APE has a 1 billion token supply and only 31% of the supply is circulating in the market. Many analysts are saying that releasing all the supply may push the price down to further levels.
Apecoin has seen a loss of more than 50% in the past few months. It is affected by the downfall of Ethereum. It is currently ranked 44th in the cryptoverse and has seen a rise of 5% in the intraday volume. Volume to market cap ratio of the asset price suggests a strong consolidated trend.
Bulls Of Apecoin Are Sleeping
The asset price has seen a drop from $3.9 to $2.86 in the past week. It is currently trading near the value of $3 with a loss of 5% in the intraday session. Resistance of the altcoin can be observed near $5. Meanwhile, the support for the coin can be seen near $2.5. It is currently trading below the 50 and 100 Daily Moving Average. If it crosses over them then a strong momentum can be seen in the future.
RSI: RSI of the Apecoin is currently near 38.69 highlighting its presence in the oversold zone. There is a negative slope formed highlighting a downside momentum in price.
Conclusion
Apecoin along with several altcoins have been affected by the market downtrend. It is currently in a downside momentum but can see an upside in future.
Technical Levels
Major Resistance:$5
Major Support: $2.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
