ApeCoin (APE) price has failed to recoup its losses over the past two weeks. According to analysts, the downward trend in APE price will continue and the price will decline to lower levels.
ApeCoin Keeps Its Downward Outlook
Distributed to owners of Bored Ape Yacht Club NFTs metaverse token ApeCoin continues to struggle to break out of the downtrend. Despite all these efforts, the ApeCoin price failed to reach the $20 listing price, reaching its highest value of $17.17 about a month ago.
Since then, ApeCoin has lost 35% of its value. Yuga Labs, the company behind the development of Bored Ape Yacht Club NFTs, recently announced that they have started preparing the collection for the first movie together with Coinbase.
Bored Ape Yacht Club Previously, it had also entered the vinyl and plastic collectibles industry. Despite all these developments, partnerships and updates in the NFT collection could not positively affect the price of ApeCoin.
With all this going on, Ethereum whales bought APE to expand their portfolios. Despite the accumulation made by Ethereum whales, the price failed to rise.
Analysts evaluating the ApeCoin price trend determined that the downtrend will continue. Famous analyst Ben Atlin underlined that the price of ApeCoin closed March with a loss of 14%. Metaverse token fails to show support below $11.50 and a drop below this level could also be the reason for a significant collapse in APE.
The analyst argues that APE holders should be worried when the price drops below $111.50 as it previously hit a bearish target of $9.
A significant drop in ApeCoin price could bring it down towards the $8 level in the worst case scenario.
FXStreet analysts, on the other hand, spotted bearish signals and collapsing selling pressure on ApeCoin. The outright rejection at $14 was a bearish sign, signaling more losses as the metaverse token is bearish.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.