ApeCoin, a newly minted crypto asset, is dropping via the parallel channel after reaching a greater peak during the hype. The coin has dropped to around $10.80 after reaching an all-time high of around $40. This means that APE has dropped by around 70% since its all-time high.
Its market capitalization has decreased to around $3.2 billion, making it the world’s 46th largest cryptocurrency. Still in its early stages, APE is looking for stability. The price of ApeCoin is currently trading below $12, making investors less enthusiastic about the month of April.
What’s Next for The Apecoin Price?
According to crypto analyst Ali Martinez, APE has struck critical support, which is reflected on its hourly chart by the lower boundary of a channel.
Meanwhile, the TD has issued a buy signal, suggesting that APE might rise to $11.9. The bullish outlook will be shattered if the hourly close falls below $10.5.
While the ApeCoin price forecast is neutral, a dramatic rebound in the following weeks cannot be ruled out. If this occurs, $14.22 will be the next important milestone to watch. The ApeCoin price is improving, a failure to swiftly recover over $11.52 will signal a lack of buying pressure.
The bullish outlook will be invalidated if the price falls below $10. ApeCoin is currently trading at $10.84 , having lost 8.4 percent of its market cap in the last 24 hours. In the intraday trading session, however, trading volume jumped by 16.92 percent.
The price of ApeCoin has seen a rise in selling pressure, pushing it past the immediate support level. If APE purchasers fail to defend crucial levels, this development could lead to a further fall. The price is further anticipated to continue to decline. Nonetheless, the first touch at $10 may be too dangerous.