- APE is a decentralized cryptocurrency for the members of the Bored Ape Yacht Club. It grants access to the DAO (Decentralised Autonomous Organization).
- This coin was created on 28th Nov 2022 by Cryptopert_R. The coin is in a downward direction similar to a vertical line.
- We will analyze the coin and evaluate the price of APE.
The APE token came into the market at a price of $3.63 which is also its all-time high. It is continuously falling. It is up by 31.96% in the overall time frame.
The coin is in the control of bears. The candlesticks are full red which means the coin is bearish in nature. Poor performance of the NFT market played a massive role in Ape coin’s decline.
The APE coin is the cryptocurrency of Bored Ape Yacht Club, which is famous for its NFTs (Non-fungible Tokens).
Technical Analysis of the APE Token (Yearly)
Source: COINBASE: APEUSD by TradingView
We can clearly see that the coin is in a downtrend similar to a line. The coin was down by (70.80%) last year.
The fall in the price of BAYC also affected the price of Ape. It has lost its value by 93%, which is very high and not a good sign for a coin.
The chance of recovery is almost impossible as the coin is not performing well at all.
Technical Analysis of the APE Coin (Monthly)
Source: COINBASE: APEUSD by TradingView
The coin is in a downtrend and it might take another resistance from the trend line. It might continue its downward journey.
Through candlestick pattern only we can confirm whether it will continue its declining journey or will give some breakout.
It was down by 27.79% last month. The coin is not at all suitable for investment purposes.
Source: COINBASE: APEUSD by TradingView
The pattern confirms that the crypto asset will surely continue its downward movement in the future.
The pattern has occurred 2 times which means it is a strong signal that the momentum will be in the down direction.
The potential of this coin is nearly over as they are highly volatile. All the cryptocurrencies are unpredictable and the APE coin is a great example of their volatile nature.
Technical Analysis of the APE Token (Weekly)
Source: COINBASE: APEUSD by TradingView
The coin in the weekly time frame can be seen in the down movement. In the weekly time frame, the coin was down by (7.47%).
Technical Analysis of the APE Token (Daily)
Source: COINBASE: APEUSD by TradingView
In the daily time frame, the coin is continuously in the down direction. So, it can be used for short selling. Traders can use the borrowed crypto for short selling and can repurchase at a lower price. The difference between the prices is known as profit. It was down by (2.73%) on the last trading day.
Conclusion
Through the technical analysis, we can conclude that the coin is not performing well.
In the past, it went up to $3.64 and now it is around $1.31, which is not a good sign. The investors have also lost their money as it drastically fell in 2022.
Many great investors suggested not to invest in cryptocurrencies. The coin might reach a maximum value of $2.13 and a minimum price of $1.91 in the month of October.
Technical levels
- Resistance Level- $4.58
- Support Level- $2.03
Disclaimer
The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors.
The coins are unpredictable so investors should have proper knowledge.
Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.
