Numerous investors are experiencing disappointment as they observe the present value of Apecoin (APE). One investor, in particular, voiced their frustration on platform X yesterday, revealing that they had purchased the token at a price of $23.63. Their initial investment of $35,445 has dwindled to approximately $1,635.
According to data from CoinMarketCap, APE reached an all-time high (ATH) price of $39.40 back in March 2022, but since then, the altcoin’s value has plummeted by over 97%, bringing it to its current price. As of the latest update, APE is valued at $1.03, having dropped by more than 4% in the past 24 hours, although it did briefly reach a peak of $1.08 during this period.
Adding to its recent price decline, APE’s value has also declined by 12.16% over the past week. However, the cryptocurrency has experienced a significant surge in its intraday trading volume, reaching approximately $65,654,638 since yesterday. APE currently holds the 82nd position among the largest cryptocurrencies, with a market capitalization of $381,260,255.
On APE’s daily chart, a medium-term negative price channel has formed due to consistent lower lows and lower highs over the past couple of months. This negative trend persisted after APE’s attempt to breach the $1.298 resistance level on October 2, 2023, which resulted in rejection at that key price point.
Consequently, the value of APE has continued to decline and is currently hovering around its initial listing price on Binance. Should it break below the $0.977 support level, this would pose a significant loss for the project’s founders and early investors who still hold APE.
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However, for traders who view APE’s current price as a buying opportunity, there is potential for the coin to retest the $1.298 mark. A successful breach of this threshold in the short term could also signal an escape from the aforementioned price channel, potentially setting the stage for a move towards $2.210 in the coming weeks.