Apecoin is Sinking
Apecoin (APE) is facing a decline, losing 3.3% to $1,347 this week. The altcoin experienced a more significant drop of 10.0% to $1,258 on Tuesday, but a subsequent strong recovery helped mitigate some of the losses. Apecoin, like many other altcoins, has been under ongoing pressure since the start of 2024. Additionally, the altcoin is dealing with its own negative news, as 15.6 million tokens (approximately $22 million) are set to be unblocked soon, leading to an increase in APE supply. The Bored Ape (BAYC) NFT collectibles are also reportedly underperforming.
From a technical perspective, the outlook for APE appears negative. The altcoin has moved below the uptrend and slipped beneath the support level at $1,500. This breach is considered a formal signal that prices might continue to decline, potentially reaching $1,000. However, this bearish scenario could be invalidated if prices manage to reclaim levels above $1,500 per token.
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