ApeCoin (APE) has experienced a notable decline of 5.0% this week, trading at $1.896, which significantly underperforms compared to the broader crypto market. Bitcoin (BTC) also saw a decrease of 2.5%, falling to $69,250.

The downward trend in APE prices began in mid-March, with the token reaching a new 10-month low of $2.675 on March 13. Despite the general decline observed across altcoins during this period, APE prices notably breached the crucial support level at $2,000 and retested it.

Should the downward momentum persist, there is a possibility of APE prices declining further to $1,500, representing an additional 22% decline from current levels. Notably, NFT Bored Yacht Club (BAYC) collectibles have also experienced a downturn, with prices dropping by 41.0% to $43,000 in March.