Key Takeaways:
- ApeCoin dropped to the head-and-shoulders pattern target.
- The altcoin could see another 8% decline in the coming week.
- Bearish expectations intensify despite new listing on Lunarcrush.
YEREVAN (CoinChapter.com) – The price of ApeCoin token APE has stabilized around $3.40 since the previous week but risks another minor decline by the end of the ongoing weekly session.
APE Price Runs Into Strong Selling Area
As APE trades around $3.40, a resistance level, its possibility of undergoing a pullback in the coming days seem higher. That is further due to the presence of the 20-day exponential moving average (20-day EMA; the red wave), coupled with declining trading volumes.
If the ApeCoin price declines further, the next plausible support appears at $3.10, down 8% from the current levels.
The low activity on the platform confirms the bearish outlook. According to Etherscan, ApeCoin’s daily transaction count has not exceeded 10 daily since January 2023. For comparison, the token enjoyed over 100 daily transactions in May 2022.
ApeCoin Listing
Notably, the bearish forecast for ApeCoin stands despite the new listing on Lunarcrush Trade.
The announcement came in the AsianPacific session on May 22 but failed to impact the price. The platform also included additional information on the token, including social engagement, spam volume, and sentiment measures.
Additionally, ApeCoin introduced a reward system on May 17, requiring users to sign up for the ApeCoin Discord. “Sign up at thankape.com and start earning rewards for ApeCoin DAO contributions today,” commented the Twitter page, providing the required links.
Also read: Polygon Attracts Increased Network Activity As Co-Founder Hints At Airdrop.
