ApeCoin (CRYPTO:APE) hodlers could be in for some pain as the price of the digital asset continues to plummet. APE currently trades below $12 a coin. This is a 32% drop from the price of $17.70 that ApeCoin was trading on March 18. The decline was likely due to a number of factors, including profit taking and sell-off pressure.
Still, ApeCoin, which launched about a month ago, remains one of the more popular altcoins on the market. In fact, the Bored Ape Yacht Club liquidity provider has already become one of the top 50 cryptos by market cap. That said, if you are an hodler, it might be a good idea to brace for more downside in the coming weeks.
After breaching the $15 support zone on March 27, the NFT token kept moving to the lower $14.50 – $13.50 trading range to only break below the $13 mark on March 31 and close the four trading sessions with a near 14% loss.
At the beginning of this month, APE firmed slightly as it printed above $13.60. However, weak hands shook as bears managed to push the price lower, and ultimately the coin broke through the $12 support barrier.
The same scenario took place on April 11, with APE surging from $10.87 to break above the $13 mark to only pull back again below the $11.50 level.
Technically speaking, if you are among the APE hodlers you should be concerned as the coin lacks support below $11.50. This could very well lead to a significant dump if the bearish sentiment persists. In other words, a break below the $10 level may lead APE towards $9 and even $8 levels.
On the flip side, while the low end of the current trading range needs to be kept in focus, for the altcoin to be back on the upswing it must close above the $15 level. The reversal will reflect the buyers successful attempt to start an upside trend and re-validate the bullish thesis.
At last check, APE prices were changing hands at around $11.47, down about 7% on the day. Market cap: $3.1 billion, down from $15 billion on March 27.
Disclaimer: The information provided is not trading advice