Apecoin (APE) price has taken a backseat as a fresh batch of meme coins has taken over the crypto markets. Since the past few weeks, the whole industry seems to be more interested in flipping meme coins than buying anything with a fundamental value.
Since the popularity of PEPE, a lot of capital has flown into meme coins. This, together with Bitcoin’s rejection from the $31,000 level, triggered a massive sell-off in APE price, which dropped to its fresh yearly lows last week.
APE Coin Accepts Applications For Special Council
According to the most recent Apecoin news, the team is currently accepting applications to run for Special Council. The announcement was made via a Tweet from the project’s official Twitter handle. Interested individuals can submit their applications through Google Forms.
Apecoin price has immensely outperformed other major cryptocurrencies. After a 78% surge in January 2023, APE price is now trading 4% below its yearly open. Consequently, it has slid to the 41st rank on Coingecko with a market cap of $1.275 billion.
Apecoin Price Bounces Off Weekly Support
The following APE price chart shows that the price has been in a tailspin since hitting its YTD peak in January. Last week, the coin hit its December 2022 low of $3.24 and had a rebound. The oversold status of the Money Flow Index (MFI) and Relative Strength Index (RSI) suggests that there is still more upside to the ongoing bounce.
Nevertheless, my Apecoin price prediction will remain bearish for 2023 as long as APE remains below the $6.40 level. This is a key resistance on the chart, which resulted in a nasty rejection in January 2023. A weekly close above this level will flip my bias from bearish to bullish.
I’ll also keep sharing my latest analysis on Apecoin and other digital assets in my free Telegram group, which you are welcome to join.
