ApeCoin Performance Falls Behind Other Altcoins: Price Analysis

Apecoin performance falls behind other altcoins with the BAYC collective coin falling continuously after the June slump to a low of $3.05 as we are reading more in our latest altcoin news today.

APE is now trading at a premium of 6.5% over the initial price of Friday, the performance pales in comparison to other altcoins and as of the time of writing, APE is trading at $4.69 which is a drop of 3.5% in the past day as per the data from CoinGEcko. APE reversed the downtrend on the 4-hour charts after hitting $3.06 in the past month. The price encountered plenty of obstacles at the $5.3 level and all became sluggish since then. Ape is now reevaluation the $4 support zone.

ApeCoin is approaching a standstill which will initiate a reverse and due to the possibility of another drop in the market, investors have to be wary of the downturn which has the ability to disrupt gains and weaken further. Since the middle of June, the price of Apecoin fluctuated and if the $4.00 barrier holds as a support, a move toward $6.00 is likely. Breaking the $4 threshold could also result in an extra 33% drop to $3.00. the NFT market is one of the main ApeCoin attractions while the market is displaying dismal numbers.

After reaching $42 million in sales, BAYC NFTs haven’t produced substantial volume for the past two months and in the same time period, BAYC’s average volume hit $2.1 million. The Apecoin performance was falling behind and since the Juen 30 low of $4.20, the price increased by a quarter. The gain surpassed the $5.02 barrier but buyers were unable to sustain a recent turnaround and as a result, APE moved below the level which indicates an impending downwards trend.

It is vital to remember that the NFT sales for June surpassed $1.3 billion and before that, OpenSea executed around $3.1 billion worth of transactiosn so APE will continue on its course If the scenario of these aspects doesn’t change. Before the April sale of the Otherdeed land by Yuga Labs, the price of APE came with a parabolic trend and the coin was in a steep decline ever since.