ApeCoin Is Losing Momentum
ApeCoin (APE) is up by 2.7% this week, trading at $1.1000, lagging behind Bitcoin’s 4.7% rise to $93,340 and the broader altcoin market, where some tokens are surging by 10-20%. APE's subdued performance comes after a significant 140% rally in mid-October, spurred by Yuga Labs’ announcement of the ApeChain launch. This rally prompted profit-taking by large holders, leaving APE still 54% above pre-announcement levels, compared to Bitcoin’s 36% gain in the same period.
Momentum appears to be fading for APE. However, from a technical perspective, prices remain above the key support at $1.000 and are holding steady near the middle of the ascending channel at $1.100. While this positioning typically signals potential for further upside, the market action suggests sideways consolidation rather than a decisive upward move.
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