APE Investors Disheartened as Its Price Dips 97% From ATH

Many investors feel dejected when looking at the current Apecoin (APE) price. One investor took to X yesterday sharing his own disappointment with the meme coin’s performance as he bought the token when it was worth $23.63. His holdings that totaled $35,445 are now worth only about $1,635.

According to CoinMarketCap, after APE reached its all-time high (ATH) price of $39.40 in March of 2022, the price of the altcoin has dropped by more than 97% to trade at its current value. At press time APE was worth $1.03 after its price fell by over 4% in the past 24 hours alone. Meanwhile, APE was able to set a peak price of $1.08 during this time period.

In addition to its latest price drop, APE’s value was also down by 12.16% on its weekly time frame. However, the altcoin’s intraday trading volume stood at around $65,654,638 after it experienced a huge 225.92% surge since yesterday. Meanwhile, APE was ranked 82 among largest cryptocurrency with its market cap of $381,260,255.

Daily chart for APE/USDT (Source: TradingView)

A medium-term negative price channel had formed on APE’s daily chart after the cryptocurrency consistently printed lower lows and lower highs throughout the past couple of months. This negative trend continued after the altcoin attempted to overcome the $1.298 barrier on October 2, 2023, but was rejected by the key price point.

Consequently, APE’s value continued to drop to trade around its listing price on Binance at press time. Should it break below the $0.977 support level, then the project’s founders and early investors will be at a loss if they still hold any APE.

However, if traders identify APE’s current price as a buy opportunity, then it may once again retest the $1.298 mark. If it is able to break this threshold in the short term, then it may also be able to escape the aforementioned price channel. This could set the cryptocurrency up for a potential move towards $2.210 in the following few weeks.