Apecoin (APE) price has been constantly making lower highs and lower lows on the daily chart. At the moment, the digital asset is 93% down from its 2022 all-time high. Holders of the Bored Ape Yacht Club NFTs had very high hope for the APE crypto, but the project has failed to meet their expectations.
Altcoins have been the biggest losers in the ongoing sideways price action of Bitcoin. The pioneering digital asset appears to have stuck within a very narrow trading range, sucking the life out of most altcoins. APE price has now had 6 consecutive red months in a row.
APE Coin To Be Used In Wreck League NFT Mint
According to the latest Apecoin news, the first-ever NFT mint of Wreck League will be in the cryptocurrency APE. This was also confirmed by Yat Siu, the chairman of Animoca Brands. Wreck League is a fighting game that leverages NFTs and is being developed by the industry leaders like Animoca brands and nWayPlay.
Despite the positive news, the Apecoin price hasn’t shown any significant recovery. For the past few days, the cryptocurrency has been trading sideways without any major move. Most altcoins are also showing a similar price action awaiting the next big Bitcoin move.
Apecoin Price Prediction Remains Bearish
As visible in the following chart, APE has been in a downward spiral since the start of 2023. While most altcoins are trading well above their 2022 lows, APE is still hovering at its lowest level in history. A closer look at the chart reveals the formation of the falling wedge pattern.
A breakout from the falling wedge pattern could flip Apecoin price prediction bullish once again. However, the price is yet to show any bullish reversal signal. A lot also depends on the BTC price action, which has been consolidating around the $29.5k level since last week.
I’ll keep posting my updated Apecoin analysis and my personal trade setups on Twitter, where you are welcome to follow me.
