Apecoin price bullish attempts for the past one week have been unsuccessful. However, the trend is poised to change in today’s trading session’s early hours, with prices already up by less than a percentage point.
Apecoin has been among the few success stories of cryptocurrencies launched this year. Despite only being in existence for a few months, Apecoin has grown to become the 34th largest cryptocurrency, with a market capitalization of $2.1 billion. It also has one of the largest trading volumes, with the past 24 hours recording $300 million worth of Apecoin transactions, despite dropping 37 per cent of its previous day’s trading volume.
Apecoin’s use as the governance, utility token and the native cryptocurrency of the Bored Ape Yacht Club (BAYC) has continued to grow in popularity due to its significant uses on the ecosystems. Today, users of the ecosystem can also use Apecoin for features such as games, events, merchandise and services. In addition, it is also a payment solution for the platform.
Apecoin Price Prediction
Despite overperformance throughout the year, the past few trading sessions have been tough for Apecoin. In today’s trading session, the Apecoin price is up by less than a percentage point. The trend is also looking bearish, and there is a high likelihood that we will see prices moving downwards.
Looking at the chart below, Apecoin set a price high of $7.74 on August 4, which started the current bearish move that has resulted in prices dropping by 10 per cent. The current long-term bearish trend is also looking poised to continue despite gains in the early hours of the current trading session. Therefore, in the next few trading sessions, I expect the prices to trade below the $6 price level. Therefore, my Apecoin price prediction is that the current long-term bearish trend will continue in the coming days, and gains made in today’s trading session will be wiped out.
However, should the price trade above this week’s price high of $7.56, my bearish analysis will be invalidated.