The altcoin markets have been experiencing significant downturns, and ApeCoin (APE) is no exception. ApeCoin recently faced a tumultuous rejection from trendline resistance, causing its value to fall below the 20-day moving average (20DMA) by 10%. This drop has left Bored Ape Yacht Club (BAYC) bagholders worrying about whether ApeCoin is heading towards zero. Adding to the despair, ApeCoin has suffered a dramatic decline of 93.5% since its all-time high in April 2022. As a result, APE price has been trapped in a descending trading channel for the entire summer. Furthermore, the NFT ecosystem associated with ApeCoin is also encountering a collapsing technical structure, compounding the bleak prospects for its future.
ApeCoin is currently trading at a price of $1.82, representing a 24-hour change of -1.35%. Since its rejection from the convergence of resistance at the upper trendline and the $2 price level, ApeCoin has retracted by 14.6%. A glimmer of hope emerged when APE experienced a 2-week recovery rally, causing its price to surge by 22.5% after bouncing off lower trendline support. On August 12, ApeCoin seemed to regain stability as it found support from the 20DMA. Additionally, BAYC bulls demonstrated a strong defense, leading to three days of consolidation above this level. However, a sudden drop in BAYC floor price on August 13 triggered ApeCoin’s rejection from resistance and initiated the initial 10% fall. The failed recovery rally has left the short-term price action of ApeCoin looking bleak.
Despite its challenges, there are some key indicators that suggest ApeCoin still holds some potential. The relative strength index (RSI) has significantly cooled off, dropping from an overbought level of 60 to an oversold level of 41. This could indicate that ApeCoin is currently undervalued and may present a buying opportunity. Furthermore, the moving average convergence divergence (MACD) indicator supports a bullish outlook. There is still a bullish divergence at 0.012, which remains after two weeks of strong buying pressure and upward movements. Overall, ApeCoin presents an attractive risk-to-reward ratio of 1.86, despite the troubled outlook. Upside potential exists with an upside target of $2.085 (+14.18%) and a downside target of $1.85 (-7.61%). Nonetheless, it is important to acknowledge that downside momentum continues to impact the technical structure of ApeCoin, potentially leading to further short-term downside moves.
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It is crucial for investors to conduct thorough research and consider their risk tolerance before making any investment decisions in the volatile cryptocurrency market.