• ApeCoin [APE] has depreciated since late January, dropping from its peak of $6.42 and cracking key support levels.
• Key technical indicators on the daily chart were negative, indicating a lack of demand and increased selling pressure.
• Bitcoin’s cues could hold APE’s further drop for a while; a slip below $26k could expose APE to more selling pressure.
ApeCoin Down 50% in Q2:
ApeCoin (APE) has declined since late January, with its price dropping from its peak of $6.42 to below key support levels. Technical indicators on the daily chart are currently negative, signaling a lack of demand and increasing selling pressure.
Impact on Price
The token has depreciated significantly since April, measured from its swing highs around $4.5 to $2.02 at the time of writing. Additionally, trendline resistance (cyan) is preventing any potential upside move and the RSI (Relative Strength Index) has been making lower highs since late January, indicative of weakening buying pressure. The On Balance Volume also shows declining demand as supply on exchanges surges – an indication that more tokens are being sold than bought. This puts APE at risk for further downside moves unless BTC crosses above $27k mark again in the near future.
Current Value
One ApeCoin is currently valued at around $2 USD with 100 ApeCoins worth about 200 USD and 1000 ApeCoins worth 2000 USD today..
What’s Next?
Unless BTC crosses the above-mentioned level, it is likely that sellers will have control over APE’s price movements for some time to come – potentially driving it down towards its initial launch price of $1 per coin on Binance exchange if necessary conditions persist..
Conclusion
ApeCoin [APE] looks set to close Q2 2023 in the red if current negative market conditions remain unchanged unless Bitcoin [BTC] manages to cross above 27K again soon enough for investors‘ confidence to be restored before then