- ApeCoin price has been in a strong bearish trend in the past few weeks.
- Volume of Bored Ape Yacht Club continued retreating.
ApeCoin price remained under intense pressure on Monday as cryptocurrencies recoiled. APE was trading at $3, which was much lower than the weekend high of $3.40. It has crashed by more than 42% below the highest level this month. Worse, Ape has plunged by over 90% from its all-time high and is currently hovering near its all-time high.
Bored Ape Yacht Club volume slumps
ApeCoin is a relatively popular cryptocurrency that was launched with a lot of fanfare by the team behind Bored Ape Yacht Club (BAYC).
BAYC is the most popular NFT collection in the world. The team also launched Mutant Ape Yacht Club (MAYC), which is ranked at number five in terms of daily trading volume after BAYC, Otherdeed, Sorare, and CryptoPunks.
ApeCoin was created to support the BAYC and MAYC ecosystems and reward existing holders of the NFTs. The platform’s board is made up of Alexis Ohanian, the founder of Reddit, Maaria Bajwa of Animoca Brands, and Amy Wu of FTX.
According to their plans, ApeCoin would move to power the ApeCoin Protocol. ApeCoin will power its ecosystem, including its metaverse platform known as Otherside. Most recently, however, user engagement in the ecosystem has been in a strong downward trend.
Find out how to buy ApeCoin.
Meanwhile, the volume of BAYC and MAYC has also been in a strong downward trend in the past few months. Data shows that total BAYC sales peaked at $346 million in January this year. Since then, the volume has been in a strong downward trend. In October, the volume totaled about $31 million.
The number of unique sellers peaked at 1,953 in August 2021 and dropped to 230 in October. Meanwhile, the volume of Mutant Ape Yach Club peaked at $277 million and dropped to just $16 million in October. The number of unique sellers dropped to 598 from the all-time high of 3,073.
ApeCoin price forecast
The daily chart shows that the APE price has been under a lot of pressure lately. It is trading at $3, which is a notable level since it was the lowest level on June 15. The coin has formed a bearish flag pattern and moved below all moving averages. The RSI has moved close to the oversold level.
Therefore, ApeCoin price will likely continue falling as sellers target the next key support level at $2.5. A move above the resistance level at $3.5 will invalidate the bearish view.
