ApeCoin’s performance lags behind other altcoins – here’s what happened to APE

ApeCoin (APE), the parent coin of the Bored Ape Yacht Club collection, has been falling steadily since the June recession, reaching a low of $3.05.

Even though APE is now trading at a premium of 6.5% from its opening price on Friday, its performance is still lower than that of other altcoins.

At the time of writing, APE is trading at $4.69, down 3.5% over the past 24 hours, according to data provided by Coingecko on Friday.

APE reversed a downtrend last month after reaching $3.06 on the 4-hours chart. Nevertheless, the price faced several hurdles near the $5.3 and $5.5 levels and turned bearish from there. APE is now reevaluating the $4 support.

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Further downturn for ApeCoin?

ApeCoin is approaching a standstill, which could initiate the reverse. Because of the potential for further decline in APE’s market value, investors should be wary of bearish gains, which have the potential to disrupt and further weaken gains.

Since mid-June, the price of ApeCoin has since fluctuated. If the $4.00 resistance holds as support, a rally to $6.00 is likely. A break of the $4.00 range could result in an additional 33 percent drop to $3.00.

The NFT market is one of Apcoin’s attractions, although the market is currently displaying very disappointing numbers.

After reaching $42.1 million in sales in May, BAYC NFT hasn’t produced substantial volumes over the past two months. During this period, BAYC had an average volume of $2.1 million.

APE has a total market cap of $1.4 billion on the daily chart. Source: TradingView.com

APE ATH . dropped more than 80% from

Since its June 30 low of $4.20, the price of ApeCoin has increased by almost a quarter. The gains briefly crossed the $5.02 barrier, but buyers were unable to sustain this recent turnaround. As a result, the APE moved below the mentioned level, indicating an imminent decline.

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Also, it is important to remember that NFT sales barely exceeded $1.3 billion in the month of June. Prior to that month, OpenSea had transacted approximately $3.1 billion.

In other words, if the landscape on these aspects does not change, APE will continue on its current course.

Prior to the April sale of Otherdeed Land by YUGA Labs, the price of Apecoin followed a parabolic trend. Since then, however, the coin has suffered a steep decline, falling more than 80 percent from its all-time high of $26.7.

Featured image from CoinChapter, chart from TradingView.com

Source: www.newsbtc.com