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- 1 Apecoin holders are currently in the middle of a debate over the six figures annual salary awarded to DAO holders.
- 2 APE price technical indicators are currently favoring a downside trend. It has seen a drop of 28% in the past 7 days.
Apecoin is an ERC-20 governance token used in the APE ecosystem. The holders of APE token can participate in the governance of Apecoin DAO. APE token holders can also get exclusive access to games and services of the ecosystem. Meanwhile, 24% of the total supply of APE is reserved with Yuga Labs and BAYC founders. Apecoin 54% of the supply is locked and after a day 1.5% of the total supply will get unlocked.
The number of holders of the token is around 120,650 which are growing steadily. APE daily transfers has been observing a consolidation but can see a reversal in future. The number of on-chain users of the ecosystem has been observing a decline for the past few months. Meanwhile, BAYC Pool return for the first 91 days is around 399% which is more than other NFT pools in the market.
Apecoin has a market cap of $767 Million and is ranked 44th in the CMC. The volume of the asset price has observed a decline of 40% in the intraday session. The V/M ratio of APE suggests a consolidated trend in price.
Will APE Hit Its All Time Low of $1?
Apecoin has been forming bearish engulfing candles on the weekly technical chart. APE is currently trading near the value of $2.08 with a drop of 1% in the intraday session. There is a continuous downside momentum in the daily chart. The upward trend of the APE token could halt near $2.8. Meanwhile, the downrend of the token can see a bounceback from $2. The digital asset price is trading below the 50 and 100 Daily Moving Average. If a negative crossover happens then APE price will see a strong downside momentum in future.
The RSI of APE token price is near 24 highlighting its presence in oversold zone. There is no slope in it suggesting a consolidated trend in price.
Summary
Apecoin has been observing a surge in the daily active users and transfers.APE token price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support: $2
Major Resistance:$2.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
