The APENFT price has dropped to an all-time low as demand for non-fungible tokens (NFT) has declined. The coin fell to a low of $0.00000068, the lowest level on record. This price was about 92% below its all-time high. According to CoinMarketCap, the coin now has a market cap of more than $225 million, making it the 134th biggest coin globally. Other NFT-related coins like ApeCoin and Rarible have also retreated.
The APENFT price has been in a strong sell-off as concerns about demand for NFTs rise. Investors are worried about whether NFTs will continue seeing demand in a period when interest rates are rising. Also, there are worries about whether NFTs have been a bubble all along. As such, with the collapse of LUNA, some analysts believe that many NFTs can go to zero. A good example of this is Jack Dorsey’s tweet that sold for over $2 million. However, it was recently sold at just $280. So, what next for the Apenft price?
APENFT price prediction
The daily chart shows that the APENFT price soared to an all-time high of 0.00000079 in September 2021. Since then, the coin has been in a strong bearish trend. Along the way, the coin has dropped below the important support at 0.0000017, which was the lowest level in January 2022. It also fell below 0.0000014, the lowest point on March 16th. It also retreated below the lower side of the descending triangle pattern.
At the same time, the coin’s Relative Strength Index (RSI) has moved below the oversold level. Therefore, the path of the least resistance for the coin is to the downside as long as it is below the 25-day and 50-day moving averages. If this happens, the next key support level to watch will be at 0.00000060. The stop-loss for this trade will be at 0.0000010.
