Our ApeCoin price prediction is still bearish in the short term as the price has failed to show any reversal signals. APE price has broken below the bearish pennant after trading inside it for two weeks. This breakdown could potentially take the price to $3.78. ApeCoin price has been in a significant downtrend since the Otherdeed NFT land sale. The ongoing slump in crypto markets further intensified the sell-off as the price dipped to $5.15 on 12th May.
As per Yuga Labs, cryptocurrency ApeCoin would be the native currency of their upcoming Metaverse project. The team behind Bored Ape NFT also announced free ApeCoin for the holders of BAYC NFTs. Therefore, the holders of Bored Ape Yatcht Club, Mutant Apes and Kennel Club were able to claim free APE tokens. At the peak of ApeCoin price, the free claim was worth hundreds of thousands of dollars for many holders.
According to the ApeCoin news today, the voting for ApeCoin DAO is open now. All the APE holders can vote for Ape Improvement Proposals (AIP) to determine the project’s future. This strengthens the team’s commitment to making it a community-owned project.
Technical analysis of APE price chart shows a very bearish picture. The recent breakdown has a tendency to take the price another 40% down. Any lower than $5.15 could be curtains for the bulls as this would trigger another bearish leg.
The chart also shows the formation of the inverted cup and handle. Therefore, even $1.03 could become a valid ApeCoin price prediction in a highly bearish scenario. The price needs to close above $11.50 to signal a proper reversal. However, such a bullish move seems highly unlikely in the current market scenario. The recent crash of tech stocks and Bitcoin has made most of the investors take a risk-off approach. This sense of fear has dried up the liquidity for risky assets like cryptocurrencies.
This post was last modified on May 25, 2022, 14:48 BST 14:48