There was a time when I greatly admired ApeCoin ($APE) for its unique position as the native token of the Bored Ape Yacht Club ecosystem. Used for governance, utility, and access to exclusive content, ApeCoin’s strong community and association with the prestigious BAYC NFT collection made it highly desirable in the crypto space. This cemented $APE as one of the standout tokens in the gaming sector. When it launched on March 17, 2022, the NFT market was at its peak, and BAYC dominated the space. However, as the trend for NFTs began to decline, so too did the value of ApeCoin, resulting in a significant drop.

Currently, the ApeCoin team is working to shift the coin’s focus from the NFT sector to the gaming and application sectors, aiming to provide services in this space. This transition will take time, though. In my opinion, ApeCoin could perform well during a bull run. For those considering holding $APE, it has the potential for significant growth, but it’s important to remain mindful of the risks involved. Holding for the right moment could yield favorable results.

Next Week Ape Movement?

As for the upcoming week, $APE is likely to decline, as it is currently in an overbought territory. I recommend avoiding long positions for the next 4-7 days. Instead, wait for a better entry point, which might emerge within 2-3 days. A SPOT entry would be ideal.

Current Situation:

Currently, ApeCoin is struggling to surpass the 19-week-old resistance level. If it stays above 1.288, we could see a pump towards the 1.539 to 1.614 level. A successful breakout from this point could lead to the next resistance at the 1.927 to 1.988 zone. A further breakout would push it towards the 2.414 - 2.505 zone. However, this is a long-term projection, as I don't believe it will break the current resistance soon. Instead, it's likely to fall below 1.288 and find support between the 0.760 - 0.779 area. There's a hurdle at 1.020, but I don't think this weak support will hold for long. After breaking through the 0.760 zone, it could fall to the 0.665 - 0.699 area. A further break below this support could lead it to the 0.502 - 0.526 zone, but I believe the 0.665 support is strong and will likely prevent ApeCoin from declining further.

These levels cover ApeCoin from 0.502 to 2.505.

⭐ suggestion by: @Snacula

This information is for educational purposes only and does not urge investment in the coin. Always do your own research (DYOR) before investing.

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