Apecoin Price Slides to All-Time Low: Will it Recover?
Apecoin (APE) has hit a new all-time low of $1.50, plummeting 94% from its peak of $23.65 over a year ago. This on-chain analysis examines the chances of a potential price recovery in the coming weeks.
The APE Coin Sell-Off May Not Be Over Yet
- Apecoin long-term holders began abandoning ship when the price reached $2 in mid-June.
- APE Mean Coin Age, which measures confidence among long-term investors, has declined by 46% from 56.59 to 34.50 between June 14 and August 18.
- With the downward trend in APE Mean Coin Age ongoing, more sell-offs are anticipated.
- If Apecoin continues to slide, the chances of an early rebound will significantly decrease.
Strategic Investors May Stage Recovery Mission After Further 15% Decline
- Apecoin traders have shown a willingness to accept losses of up to 32% during previous crashes in June.
- At the current price of $1.55, recent buyers of APE are holding unrealized losses of about -16%.
- If historical patterns repeat, they may continue selling before cutting their losses at $1.30.
APE Coin Price Prediction: Selling Frenzy Continues Until $1.30
- On-chain stats suggest that ApeCoin will likely hit $1.30 before experiencing a recovery.
- The Exchange On-chain Market Depth chart confirms the bearish outlook, with cumulative buy orders at $1.40.
- If industry-wide bearish momentum grows, APE price may further decline towards $1.30.
- If APE surpasses the $2 resistance, a recovery towards the $3 target is possible.
Hot Take: Apecoin Faces Uphill Battle for Recovery
APECoin’s price has reached a new low, and on-chain data suggests that the selling pressure may continue. Long-term holders have been abandoning their positions, indicating a lack of confidence in the cryptocurrency. While there is a possibility of a recovery if APE reclaims key resistance levels, the current market sentiment and historical patterns point to a further decline. It will be challenging for Apecoin to attract the attention of crypto investors looking for undervalued altcoins in the coming weeks.
By
By
By
By