ApeCoin (APE), positioned as the token of the ecosystem associated with Bored Ape Yacht Club (BAYC), is seeing varied trends in its market activity. While the volume of NFTs has decreased on the Ethereum (ETH) network, it has increased on the Bitcoin (BTC) network. The drop in the base price of BAYC has also lessened the market interest in APE. This shift in sentiment towards sellers could suggest a move towards the $1.3 region, possibly indicating a reversal by the bulls.
APE Price Outlook
As the general trend in cryptocurrencies begins to show signs of an uptick, the 12-hour chart for APE indicates a downward trend within the market structure.
Last week, the price of APE fell below the low of $1.233 seen in February when the market rally began. Fibonacci retracement levels are pointing to resistance levels in shorter time frames that could drive the price downward.
A recent bounce from the $1 level reflects strong buying pressure, as indicated by a rise above +0.05 in the CMF.
However, APE’s RSI value remains below the neutral 50 level in the 12-hour chart, indicating unchanged momentum.
The observed resistance area at $1.3 is highlighted in red due to its indication of a continuing downtrend. If APE surpasses $1.32 and maintains it, the next key price level could be $1.64, marked by the 78.6% retracement area.
A broader time frame analysis shows a target movement above the $1.82 level in the market.
The Future of APE
According to data from Coinalyze, a disappointing outlook emerges on the bullish side. The spot CVD continued to show a downtrend throughout the past week. Despite a 30% increase in the last two days, demand in the spot market was considered negligible.
Open interest has also started to rise along with prices. However, this situation is not fully accepted as a bullish outlook. Both futures and spot market investors, as of writing, are not very optimistic about a resurgence in ApeCoin’s price.
APE’s price, as of writing, is trading at $1.33 with a market cap exceeding $800 million.
