Bored Ape Yacht Club (BAYC) has been on a wild ride lately, facing ups and downs that have left investors and enthusiasts on edge. The NFT's floor price dropped significantly, reaching as low as 35 ETH, causing some holders to sell off their valuable blue chip assets. This wave of Fear, Uncertainty, and Doubt (FUD) created a sense of unease within the community.

Amidst this chaos, however, there is a glimmer of hope. According to data from Lunar Crush, the social engagement surrounding BAYC has been steadily rising, indicating renewed interest and enthusiasm from the community. The NFT's social presence has experienced an impressive surge, with a staggering 322 million social engagements recorded, representing a significant increase of 117%.

Despite the decline in the floor price, which has dropped by over 19%, the surge in social engagement suggests that the community remains resilient and continues to show interest in the project. This increased social activity could potentially lead to a rebound in the NFT's value.

Analyzing the OpenSea analytics of BAYC reveals an interesting trend in the floor price. From May until around mid-June, the NFT maintained a stable floor price of around 47 ETH. However, the floor price took a downward turn, reaching its lowest point at 35 ETH. Currently, there are signs of a recovery, with the floor price hovering around 39 ETH. This positive development aligns with the increased social engagement and hints at a potential rebound in value.

Further examination of the OpenSea analytics uncovers a correlation between sales volume and price movement. The decline in volume coincided with the downward trajectory of the price. However, there is some positive news to note. At present, both the volume and price are showing a slight upward trend, indicating potential recovery.

Looking at the sales volume data from Crypto Slam, it becomes evident that BAYC has experienced notable trading activity within the past 30 days. The total sales volume during this period exceeded $50.7 million, marking an increase of over 27%. Additionally, the number of sales transactions rose by more than 21%, reaching a total of 598.

In the last 24 hours alone, BAYC saw a surge in sales volume, surpassing $6 million, representing an extraordinary increase of over 300%. The number of sales transactions during the same timeframe amounted to 62, showcasing a remarkable rise of over 220%. These statistics indicate a growing interest in BAYC and suggest a positive outlook for its future.

Despite the recent challenges, BAYC has managed to maintain its market capitalization ranking within the NFT ecosystem. With a market capitalization of approximately $1.3 billion, BAYC holds the position of the third-largest NFT collection. The NFT's total trading volume has exceeded an impressive $3 billion to date. Recent metric activity indicates that BAYC is gradually regaining momentum, further bolstering expectations for its future success.

While BAYC may have faced a rollercoaster of ups and downs recently, the surge in social engagement, signs of recovery in floor price, increased trading volume, and its maintained market capitalization ranking all point towards a potential rebound. The renewed interest and resilience of the community suggest that BAYC's journey is far from over, and there are brighter days ahead for this prominent NFT collection.

#crypto2023 #Binance #NFTS #APECOIN #apecoin

ApeCoin price has suffered extreme volatility, with stiff bull vs. bear competition concealing the next directional bias.

The impending breakout will dictate whether APE could potentially move to the $6.000 or $2.993 resistance and support levels, respectively.

The direction of the next major move can only be determined after a valid breakout.

ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows. When these points are connected, the lines converge as they are extended, and the symmetrical triangle takes shape. It is wide at the beginning and narrows over time. The direction of the next major move could be determined after a valid breakout.

ApeCoin price at crossroads

ApeCoin price is trapped within a neutral formation and is trading around $4.068 at the time of writing. An increase in buying pressure from current levels could see the altcoin break out of the upper boundary of the governing pattern. If this happens, the price could soar 100% to tag the bullish target at the $8.3000 resistance level.  

Given the onset of the alt season, the upswing for ApeCoin price is doable, where investing in altcoins provides better returns than Bitcoin or Ethereum. To hit the target, APE must break above the upper boundary of the chart pattern to confront the 50- and 100-day Exponential Moving Averages (EMAs) at $4.709 and $4.774, respectively.

A break above the two slower-moving EMAs could set the ApeCoin price to fight the $4.994 resistance level because of a confrontation with the 200-day EMA at $5.220. In a highly bullish case, the altcoin could shatter the $6.000 barrier before a leg up to its bullish target at $8.300. This move would denote a 100% ascent from current levels.

Notably, this target for ApeCoin price is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point.

Conversely, if bears take the day, ApeCoin price could break below the lower boundary of the governing pattern and confront the $3.557 support level before tagging the $2.993 support level. In extreme cases, APE could descend 100% to its bearish target. 

#apecoin #ape #Binance #BTC #koinmilyoner

APE token hits record low amid NFT market struggles and controversies.

Investor confidence wanes as ApeCoin price plummets, signaling an uncertain future.

thenewscrypto

In a shocking turn of events, ApeCoin (APE), the utility and governance token of the APE ecosystem, has almost plummeted to its all-time low this year. The ApeCoin Price reached a staggering $1.99 this month, marking a significant decline for investors. The downward trend has been evident throughout the month, with a 34.04% decrease and a 6.13% dump just this week. 

Comparatively, APE’s peak in March 2022 at $39.40 seems like a distant memory, with the current price standing at a meager $2.11, representing a massive 94.65% decrease.

$APE

APE Price Chart, Source: Tradingview

What’s Behind The ApeCoin Price Red Forest?

The poor performance of the NFT market plays a substantial role in ApeCoin’s decline. The Azuki NFT collection creators recently raised approximately $40 million in their new launch. However, the excitement quickly turned sour when some major investors claimed they had been deceived. They argued that the newly launched collection closely resembled a previous one. It led to accusations of plagiarism or lack of originality.

Furthermore, the floor price for Bored Ape NFTs experienced a significant drop, falling to around 27 ETH on Sunday night. This decrease indicates a staggering 88% decline from its peak in April 2022. As the NFT market faces growing skepticism, some individuals are speculating that NFT-linked cryptocurrencies like ApeCoin may be on a trajectory toward zero.

ApeCoin Price finds itself near record lows, having lost over 90% of its value since its peak in April 2022. The coin’s trading volume stands at $46,589,301, reflecting a 21.69% decrease within a 24-hour period.

Meanwhile today, the coin is trying to showcase its very slow recovery, the price stands at $2.08 with a surge of 0.09%.

Finally, While the NFT market initially garnered considerable attention and enthusiasm, recent controversies and market downturns have led to a loss of investor confidence.#altcoins. #apecoin #ape #crypto2023

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1 APE price may break the consolidation channel soon.

2 The price has lost 18.81% in a month.

3 APE price is trapped in a narrow consolidation phase revealing a bearish pennant pattern.

APE price is currently trapped in a narrow consolidation phase, and revealed the formation of a bearish pennant pattern, giving out cloudy signals. Many analysts place their bets on the recent multi-year partnership between Yuga Labs and Luxury fashion brand Gucci. Yuga Labs is responsible for the most popular NFT collection (Bored Ape Yacht Club) BAYC, CryptoPunks, and several others.

APE creator Yuga Labs operates Otherside, a virtual world and gaming platform themed around BAYC. The new collaboration aims to explore the integration of fashion and entertainment in the Metaverse. It also aims to foster interaction between both companies’ communities.

The Pictorial

Source: APE/USDT by TradingView

APE price is currently trapped in a narrow consolidation phase, and formed a bearish pennant pattern. This pattern is a strong bearish signal which intensifies the underlying selling pressure once complete. However, an aggressive downfall may not be the only result. The ongoing downtrend in APE price witnesses a temporary horizontal trend. Furthermore, a pennant pattern after a sharp fall forms a short break period allowing sellers to check stability at a lower level.

Thus, as the APE price nears the pennant peak, investors may witness a breakdown opportunity. It is more likely to breach the lower trendline and amplify the prevailing downtrend. On the contrary, EMA ribbon forms a bullish crossover (green circle), hinting at a possibility of a bullish breakout after the pattern is complete. The sideways moving OBV suggests the market is neutral and waiting for a breakout or a breakdown. The Volume Oscillator drops slightly showing the short term pattern of a bearish break down.

The Peephole

Source: APE/USDT by TradingView

The smaller time frame shows a prolonged consolidation for APE price. The CMF moves closer to the zero-mark indicating a largely neutral market. The MACD nears a convergence and records descending buyer bars. The RSI more along the half line to suggest a neutral pull from both buyers and sellers. The shorter time frame indicators hint at a bearish breakdown, but its intensity can only be defined once the pattern is complete.

Conclusion

APE price is currently trapped in a narrow consolidation phase, and formed a bearish pennant pattern. The ongoing downtrend in APE price witnesses a temporary horizontal trend. Many analysts place their bets on the recent multi-year partnership between Yuga Labs and Luxury fashion brand Gucci. The holders can wait for the pattern to complete to observe a breakout or a breakdown. The support near $3.095 can act as a strong base for the projected downtrend.

Technical levels

Support levels: $3.905 and $3.430

Resistance levels: $4.775 and $5.875

#ape #apecoin #Binance #crypto2023 #cryptotrading