Bored Apes are Pulling APE Down
ApeCoin (APE) is up by 8.0% to $1.274 this week, outpacing Bitcoin's (BTC) 5.0% increase. Despite this, there are signs of weakness in ApeCoin's rally. The token experienced a significant drop of 51% in the first half of April and has struggled to recover since then. It has fallen out of the uptrend that began on October 9, 2023, and has been trading sideways within the $1.150 to $1.300 range, indicating a potential continuation within this range.
A major factor impacting ApeCoin's performance is the sharp decline in the value of Bored Ape Yacht Club (BAYC) NFTs, which have dropped by 91%. This substantial decline has significantly hampered ApeCoin's upside potential. Given the current situation, ApeCoin might tumble to its previous lows around $1.000 if the downward pressure continues.
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