APE Continues in Its Downward Trend: Can the Token Bounce Off?
APE has demonstrated negative momentum following a price decline of 26%from its value in the past month.The market situation has kept investors worrying about APE's bullish recovery because the token has been in a bearish trend since April 19, 2023.
APE's Price Performance Remains Negative, What's Next?
Historical data from TradingViewreveals that the token had a noticeable downward movement between August 15 and 17, resulting in a 28% drop in value.
However, the token has shown signs of price stabilization since August 19, recording a slight price change of around $1.628 and $1.441.
Today, the token's market value is $1.497,this brings APE's price down by almost 2% in the last 24 hours. Moreover, the current value indicates that APE has dropped by 20% and 17% from its price in the past 14 and 7 days, respectively.
APE Is Moving Within the Oversold Region. Should Investors Expect a Market Upturn?
Source: Tradingview.om
Considering the technical chart above, APE could record a bullish pressure as the bears gradually lose the market's grip. The decrease in selling activity, as seen by the incomplete formation of the last two red candlesticks, validates the above assumption.
Some technical indicators deployed revealed that APE is moving on the lower band of the Bollinger indicator, indicating a bearish trend. Moreover, the Moving Average Convergence/Divergence is below the signal line with faded red histogram bars.
However, the faded red histogram bars show that the selling pressure in the market has reduced.
Again, APE's Relative Strength Index (RSI) moving in the oversold region at 29.76 means the token is in a bearish trend. This observation signals a possible reversal as the asset is undervalued and presents an attractive entry point for investors looking to buy the deep.
APE could witness a positive trend reversal in the coming days, reaching new highs as the bulls rally.
APE's Resistance and Support Price Levels
Source: TradingView
The technical chart above shows that the bears are responsible for APE's market. If they sustain the bearish momentum, their actions might drag the token's market price to the $1.488 support.
However, if the bulls gain market control, they may force the asset up to the $2.053 resistance, a potential take-off point toward the $2.32 resistance level.
BAYC NFT Decline State Affects APE's Value NegativelyReports suggest the decline in the Bored Ape Yacht Club (BAYC) NFT collection impacted APE's price. Notably, APE was inspiredby the BAYC NFT project.
Yuga Labs, the creators of the NFT, transferred all privileges and rights of the NFT to the APE Foundation, the founders of APE.
Given this relationship, APE follows a similar trend with the BAYC, often suffering bearish sentiment when the price of NTF collection declines.
Data shows that the NFT lost about 92% of its price in the past years, recording a new all-time low. This downturn has been reflected in APE's market following its persistent downward movement since April 2023.
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This staking mechanism imparts a practical utility to the meme coin beyond mere trading and speculative value.
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Sonik Coin's Stake-to-Earn feature will likely reduce the available $SONIK supply, thus creating a higher price for the asset.
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The efforts of Sonik's marketing team are evident as they diligently promote the project. Sonik Coin has garnered prominent coverage on respected cryptocurrency news platforms.
This exposure has translated into an organic following of more than 900 on Twitter and a Telegram channel approaching 1100 subscribers. By staying engaged with the project, one can stay updated on the latest presale and token launch developments, along with enjoying humorous memes.
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$SONIK possesses the essential elements that could drive a significant surge in its value.
Capitalizing on the immense popularity of Sonic the Hedgehog, particularly in regions like Japan and Asia, Sonik Coin's unique twist on this theme holds the potential to go viral, attracting a growing community of meme coin enthusiasts.
Sonik tokenomics$SONIK functions as an ERC-20 token on the Ethereum blockchain, with a total supply of 299,792,458,000 tokens. The significance of this figure lies in its correlation to the speed of light, measured at meters per second, which mirrors Sonic the Hedgehog's renowned swiftness.
The token distribution is categorized as follows:
- 50% of the complete supply is accessible during the $SONIK presale.
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