According to Coincu, Apecoin (APE), the native token of the Bored Ape Yacht Club's non-fungible token (NFT) collection, has experienced a significant downturn, dropping by 83.5% since the beginning of the year. This decline comes amid a bearish trend in the cryptocurrency market, with several projects facing substantial decreases in the value of their decentralized finance (DeFi) coins. APE's trading volume has also seen a sharp contraction, with its price recently hitting an all-time low at $1,062.

The ApeCoin ecosystem has a cliff token unlock event scheduled for September 17, which may disrupt market stability. Unlike linear token unlocks, cliff token unlocks involve a predetermined number of tokens being released after a specified duration. On September 19, ApeCoin briefly surpassed the $1.14 resistance level, reaching approximately $1.16, before resuming its downward trajectory.

Despite the recent downturn, APE's surge beyond the resistance level has sparked positive market sentiment, indicating the coin's potential to achieve higher highs in the coming days and weeks. APE is currently targeting the $1.18 resistance level, but failure to breach this barrier could result in a return to the initial $1.14 mark, potentially pushing APE to test a bottom at $1.