Over the last two weeks, the ApeCoin price has been unable to recover its losses. ApeCoin has a bearish outlook, with analysts predicting a further decline in the metaverse token.
ApeCoin, the governance and utility token of the Bored Ape Yacht Club (BAYC) NFT project, is currently in a downward trend. The price of ApeCoin has fallen short of its listing price of £15.4.
ApeCoin rose to a high of £13.2 approximately a month ago, and has since dropped by 35%. Yuga Labs, the company that created the Bored Ape Yacht Club NFTs, recently stated that the club prepared the collection for its movie debut in collaboration with Coinbase.
Bored Ape Yacht Club had previously dabbled in vinyl and plastic collectibles. Partnerships and improvements to the NFT collection have had no positive impact on ApeCoin’s pricing.
Ethereum whales snatched up ApeCoin, diversifying their holdings. Despite significant interest from major wallet investors, the ApeCoin price has continued to fall.
Analysts assessed the ApeCoin price trend and found it to be bearish. According to Ben Atlin, a top crypto expert, ApeCoin’s price dropped 14% in March. Below £8.84, the metaverse token lacks support, and a dip below this level could result in a major dump.
According to the analysts, investors of the digital asset should be concerned if the price falls below £8.84, since APE already hit a downside target of £6.92.
In the worst-case scenario, a big decline in ApeCoin’s price may drive it to £6.15.
Bearish indications and falling selling pressure on ApeCoin have been observed by many experts. Firm rejection at £10.8 was a bearish signal, implying that the metaverse token will continue to fall in value.
The fusion of Web3 technology with art, entertainment, and gaming is one of today’s major Internet trends. BAYC’s ApeCoin makes use of all of these, which may explain the attention it has drawn.