Home
News
- 1 Apecoin price is trading below the key moving averages, showcasing the bearishness on the daily chart.
- 2 This week, the price has dropped by almost 6.62% as per TradingView data.
ApeCoin serves as a dual-purpose token within the APE Ecosystem, functioning as both a governance tool and a utility asset to foster a community-led environment at the cutting edge of web3.
The ApeCoin community exercises self-governance through a decentralized framework that oversees the ApeCoin DAO, with members casting votes on the allocation of the DAO’s Ecosystem Fund. The APE Foundation is responsible for implementing the decisions made by ApeCoin holders.
As the governance token of the APE Ecosystem, ApeCoin enables its holders to engage in the ApeCoin DAO, providing a communal and transparent currency that operates independently of centralized parties. A significant portion, 62%, of the total ApeCoin supply is dedicated to the Ecosystem Fund, aimed at backing initiatives that are selected by the community members of the ApeCoin DAO.
Technical Analysis Of ApeCoin Crypto
APE by writer12_gsm on TradingView.com
The APE crypto price has been performing in a downtrend since March 14. The price formed multiple lower-low swings and is still moving with bearish momentum to date, reflecting instability.
The APE price faces intense selling pressure from the $2.6 resistance level. The price fell 35% to the $0.943 decisional point of interest and is currently retaliating. APE price can surge above the $2.017 resistance if it strikes above the $0.1277 short-term high.
APECoin Price vs Volume Analysis
According to the santiment graph of price and volume has dropped from $267 Million to $72.87 Million since mid-March, and the price has also dropped with trading volume. Trading volume has dropped by more than 50% in a week and the price has also declined. If the trading volume keeps falling, then it may leave a negative impact on the price.
APE Crypto Social Dominance vs Social Volume Analysis
The social dominance and social volume graphs have been neutral for the last few months which means the awareness and information on social media like X, Instagram, and Telegram have stagnated. Suppose the social dominance and social volume graphs show improvement, then it may affect the APE price positively.
The trading volume’s sharp decline mirrors the price drop, hinting at reduced market interest and potential ongoing bearish sentiment. Social metrics also show a lack of growth in dominance and volume, which could imply limited community engagement and impact on the token’s value.
Summary
The analysis indicates that ApeCoin (APE) is currently experiencing a bearish trend, with its price falling below crucial moving averages and a notable 6.62% decrease over the past week. The APE token, central to the APE Ecosystem’s governance and utility, is facing downward pressure, particularly after failing to overcome the resistance level at $2.6. The price has significantly dropped to a critical decision point of $0.943, suggesting a potential pivot or further decline based on upcoming market dynamics.
Technical Levels
Support Level: $1.776
Resistance Level: $2.017
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
