ApeCoin May Drop to $0.5
ApeCoin (APE) is adding 2.5% to $0.737 this week. This rise is part of a consolidation after a 33% slump in July. However, this slump might not be over yet. The nearest support is at $0.500 per token, and it is very strong, but it is 31.0% down from the current price. The market is slightly recovering, with Bitcoin (BTC) trying to climb above the $60,000 barrier. If BTC succeeds in this effort, the worst-case scenario for APE could be eliminated.
The token is suffering after its related Bored Ape Yacht Club (BAYC) collectibles dropped to a record low of 8.5 ETH in late June and slightly recovered to 9.88 ETH in July. These positive developments could drive APE prices up. However, they will encounter strong resistance at $0.800. If the token fails to surpass this resistance, a drop to $0.500 seems unavoidable.
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