ApeCoin (APE) has tumbled -8% after rejecting from upper-trendline resistance, marking the latest drop in a 9-month cascade – terrified bag-holders are now asking: Is ApeCoin going to zero?
The downside price action for the APE governance token, comes amid wider disarray in the Bored Ape Yacht Club (BYAC) ecosystem – which has seen the value of the once prestigious NFT collection plummet over the past year.
Indeed, looking at BAYC NFT floor price, over the past 3 months, there has been a -78% collapse in floor price from an average of 59.58 ETH to just 26.083 ETH today. And this comes against a backdrop of -49% decrease in trading volumes.
With BAYC’s profitability seemingly depleting by the second, the knock-on impact for APE holders could spell disaster – read on to find out more in APE price analysis.
APE Price Analysis: Is ApeCoin Going to Zero?
Amid the dramatic moves, ApeCoin is currently trading at a market price of $1.163 (representing a 24-hour change of -1.36%).
The downside move comes following a short-lived recovery for ApeCoin, which pushed up +19% from hard-fought consolidation at $1.089 to reclaim the 20DMA and test upper-trendline resistance.
However, the resounding rejection has left price tumbling back to 20DMA support – this now forms a critical level to watch, if APE bulls fail to establish support here – the cascading price action will continue.
The 20DMA has formed a capstone of resistance suppressing upside price moves since August 15, further highlighting the risk posed by yet another drop below this moving average.
As for ApeCoin’s indicators, the RSI is showing a bullish divergence at 42.02, cooling down rapidly from the recent push-up in price.
And the MACD is also displaying bullish divergence at 0.024 – suggesting the momentum is still there to move higher.
Overall then, APE is in a perilous retracement move – if price action falls any further it will once more be trapped by the 20DMA. However, if bulls can consolidate here – technical indicators suggest upside could resume.
This leaves APE with an upside target at higher support around $1.445 (a possible +24.14%).
While downside risk could see APE plummet to $1.017 (a potential -12.63%).
ApeCoin therefore carries a risk: reward ratio of 1.91 – a good entry, characterised by decent upside risk, however, if price action fails to consolidate above the 20DMA then APE will grind lower towards zero.
Emerging 10X Moon-Shot: Meet Meme Kombat as Presale Smashes $230k
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
GambleFi Revolution? Meme Kombat Gamifies Staking, Rewards, and More
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Buy Meme Kombat Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Credit: Source link
