Apecoin Price Prediction: Is a Trade Below $3 Possible?

Since August 6th, Apecoin price has trended downwards, making a series of bearish flags along the way. The drop resulted in Apecon’s value falling by 45 per cent to its current price of $4.2. Today, Apecoin looks to be continuing the bearish, and finally coming out of the most recent bearish flag and extending the downward move of the past two trading sessions. 

What is Apecoin?

Since its launch this year, Apecoin has continued to gain traction with users, quickly rising to be among the largest 30 cryptocurrency projects by market value in the first few weeks after launch. Today, Apecoin’s market capitalization stands at $1.3 billion and ranks as the 37 largest cryptocurrency project. 

Apecoin is the native token of the Bored Yacht Club, a leader in non-fungible tokens (NFTs). It is built on the Ethereum network, and users are able to select their NFTs from a collection of about 10,000 Bored Apes, which are built from about 170 character traits such as expressions and clothing. Part of the reason the project has grown in such a short time has been due to backing from investors and the constant marketing and endorsements that Apecoin has received in the past few months it has been in existence.

Apecoin Price Prediction

Despite its success since its launch, Apecoin’s price action has been aggressively bearish over the past few months. After reaching its all-time price high of $39.4 price level on Mar 17, 2022, when it was launched, it started a strong move to the downside, which, to date, has resulted in Apecoin losing 90 per cent of its value. 

Today, that same bearish trend has continued to affect it, with today’s trading session continuing the recent resumption of the bearish trend by dropping by a percentage point. Unfortunately, my Apecoin price prediction for the next few days also expects the current bearish trend to continue. There is a high likelihood we will see Apecoin hitting the $3 support level again. My strong bearish analysis will only be invalidated by prices moving past the $5.5 recent resistance level.

Apecoin Daily Chart