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ApeCoin (APE) price has rallied 2% over the last 24 hours to trade at $1.126. Its 24-hour trading volume is up 27% to $40.2 million, indicating a sudden spark in investor interest. Its current ranking on CoinMarketCap is #77, with a live market cap of $417 million.
The ApeCoin price has, however, been sealed in a downtrend, with recent statistics showing that Bored Ape Yacht Club (BAYC), the NFT project behind APE, has been losing momentum despite being one of the most successful in the space.
The BAYC NFT collection and APE have simultaneously witnessed significant declines in value. BAYC NFT collection’s floor price has hit an all-time low and is now over 93% below its peak in 2022. According to data from OpenSea, the floor price dropped to 24.03 ETH (about $39,080 at the time) before rebounding slightly to the current value of 25.25 ETH (approximately $40,147 at current rates).
BAYC Floor Price
The BAYC NFTS have mainly been affected by the bearish conditions that have cooled down the crypto space since 2022. The impact of the crypto winter has also affected the price of Ethereum, which affects the value of cryptos and NFTs in the BAYC ecosystem.
In the case of ApeCoin the price fell to a yearly low of $1.059 on Sept. 17, representing a 97.3% decline from its all-time high (ATH). The APE price increased initially on its launch, reaching an ATH of $39 before embarking on a downtrend that has persisted since April 2022.
The technical setup and indicators show no signs of a recovery, suggesting that the downtrend may continue.
ApeCoin Price Needs To Break Out of Consolidation
APE has been trading in a tight range stretching from $1.06 to $1.18 since Sept. 12. All the major moving averages are currently facing down, and the Relative Strength Index (RSI) is positioned at 31, close to the oversold region. This suggested that the market conditions still favored the downside.
As such, a daily candlestick close below the lower range limit at $1.06 would see the ApeCoin price drop first toward the $1.0 psychological level and later revisit the $0.05 demand one.
APE/USD Daily Chart
This grim outlook was also supported by the position of the MAs above the price. These trend-following chart overlay indicators provided areas of stiff resistance that could curtail any recovery attempts by the ApeCoin bulls.
These were areas defined by the 50-day Simple Moving Average (SMA) at $1.418, the 100-day SMA at $1.730, and the 200-day SMA at $2.698.
Perhaps the only hope for the ApeCoin buyers comes from the upward-facing Moving Average Convergence Divergence (MACD) indicator. This oscillating indicator had sent a call to buy ApeCoin on the daily chart when the MACD line crossed above the signal line on Sept. 18. This bullish signal was still in play, implying that the market sentiments remain bullish.
As such, APE could turn up from the current price to confront resistance from the upper limit of the range at $1.18. The next move would be toward the $1.418 and the $2.698 supplier congestion zone, where the MAs lie. This is where APE’s upside could be capped in the short term.
While APE’s price action doesn’t look promising, Meme Kombat, a new crypto in presale, offers a good investment opportunity. It provides a low-risk-to-reward ratio and can make 20X returns in 2023.
APE Alternatives: Meme Kombat – Bringing Stake-to-Earn Utility to Meme Sector
Meme Kombat ($MK) is a new cryptocurrency leveraging cutting-edge technology and the decentralized power of the Ethereum network to create a unique and engaging gaming experience.’
The team behind $MK announced that the presale launch was live in a Sept. 21 post on X.
The $MK presale is officially live!
🚶Go to our site
🤝Join our Telegram
🫶Turn on notificationsIt's time to prepare for Kombat 🥷 pic.twitter.com/SrrnD6kwjm
— Meme Kombat (@Meme_Kombat) September 21, 2023
The $MK token is auctioning for $1.667 and can be bought from the Meme Kombat website using ETH, USDT, or on the Binance Smart Chain using BNB. Interested investors can use a wide range of crypto wallets, including MetaMask, Trust Wallet, CoinBase Wallet, OKX Wallet, and Ledger Live Wallet.
According to the project’s Whitepaper, Meme Kombat is an “innovative blockchain project that brings together the exciting world of memes and the competitive thrill of battle arenas.” With automated battles players representing various Meme Coins engage in automatic battles, with outcomes determined on-chain. Advanced AI technology brings These battles to life, providing a captivating and unpredictable gaming experience.”
Users can then bet and stake tokens on the outcomes of those battles, adding play-to-earn (P2E) and stake-to-earn (S2E) features to the project.
Place stake their $MK tokens during the presale at an APY of 112%.
Meme Kombat’s high APY, S2E, and P2E utility are gaining traction across news outlets and social media platforms such as X and YouTube.
Renowned crypto YouTuber Jacob Crypto Burry told his over 22,000 subscribers that Meme Kombat has the potential to make 100X returns on investment.
Visit Meme Kombat here for more details.
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