- The ApeCoin token has lost 12% of its value in the last 24 hours.
- Pudgy and Blur Penguins are also down as NFT sector tokens struggle to take advantage.
- APE is facing deep losses to $0.081 unless new triggers come out.
ApeCoin (APE), the token of authority that supports the ApeCoin ecosystem linked to the Bored Ape Yacht Club (BAYC) NFTs, has undergone major changes.
After climbing the NFT short band, APE has fallen 12% in the past 24 hours and is trading at around $0.14 at the time of writing.
The decline erased most of its intraday gains, with the token rising slightly above $0.18. Losses reflect the volatility of memes and NFT-linked tokens amid taking profits in the market.
APE benefits after group meetings
ApeCoin’s decline follows a massive NFT rally that boosted several speed-related tokens before disappearing. The token rose last week along with peers like Pudgy Penguins’ PENGU and Blur’s BLUR, driven by the new hype surrounding the indestructible tokens.
PENGU, for example, to climb when the value of the Pudgy Penguins NFT rose, it made things better in the ecosystem. BAYC floor prices also increased during the event.
However, the threat was short-lived. Both PENGU and APE gave up a significant portion of their earnings, with PENGU’s daily sales down 50% to $132 million.
The return reflects profit taking after the NFT-linked asset briefly outperforms the broader market.
The return of the APE shows this, as the traders left instead of happy.
Data from CoinMarketCap price shows APE’s 24-hour trading volume peaked at around $300 million before settling as trading continued to increase.
The failure of the indicator to stay above the resistance level of $0.18 weakens the confidence of the buyers, and extends the decline.
What’s next for the APE brand?
Like many memes and NFT-related tokens, ApeCoin faces a somewhat ambiguous image that is on the verge of extinction, mostly tied to the notion of coolness in the NFT market.
While spikes in NFT activity often support tokens like APE, the lack of market momentum has its limits.
Analysts point to continued weakness in NFT demand, with trading volumes and transactions failing to match the price increases that have taken place in recent weeks.
Data from platforms such as OpenSea and Blur it shows a decrease in total NFT trading in the last seven days, putting an additional risk on natural tokens.
From a technical point of view, the indicators indicate the possibility of further decline. The Relative Strength Index (RSI) has pulled back from the lowest levels and is hovering around 68. Although unchanged, a move to 50 or lower could open the door to an all-time retracement near $0.081.
On the other hand, recovery could push APE to $0.20 and $0.30 levels, although this would require new strength in the main NFT market.
