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ApeCoin Price Analysis: The APE Price Fell Below $7. The ApeCoin DAO is planning its own chain.

Analytics

www.thecoinrepublic.com 02 June 2022 17:12, UTC
  
Reading time: ~2 m

  • The APE price is currently facing a downtrend over the daily time graph. Amid the bearish pressure.
  • The Yuga Lbs Metaverse Mint. The ApeCoin DAO started thinking about building its own chain.
  • The APE/BTC pair stands at 0.0002067 BTC with a loss of 3.09%.

ApeCoin is an ERC-20 governance and utility token used within the QPE ecosystem to empower and incentivize a decentralized community building at the forefront of web3. ApeCoin also gives access to certain parts of the ecosystem that are otherwise unavailable, like exclusive games and services.

The APE price is currently facing a downtrend over the daily time graph. Amid the bearish pressure the price dropped below the $7 support yesterday. The bulls need to accumulate themselves to redeem the token. Currently it looks like the buyers are taking interest in buying the dip and the selling volume is decreasing. This support is strictly required for the token to recover. As if the recovery took much time then it will be a difficult task for the bulls to make the token recover.

The current price for one APE token is trading at $6.18 with a loss of 8.54% in its market capitalization in the last 24 hrs. The token has a volume of 480 million with a gain of 4.70% in it over the 24 hrs trading session and a market cap of 1.8 billion which is at a loss of 8.59% in it. The volume market cap ratio is 0.2666.

Source: APE/USD by Tradingview

The Yuga Lbs Metaverse Mint: A Preventable Catastrophe or an Expected Outcome

Yuga Labs, the Web3 company behind the infamous Bored Ape Yacht Club NFT project, recently took to Twitter to propose that the ApeCoin DAO start thinking about building its own chain.

If you aren’t already aware of it – Yuga Labs’ Otherside Metaverse event was probably the biggest NFT sale event in Ethereum’s history. Leveraging the success (and popularity) of the Bored Ape NFTs and the recently launched ApeCoin (APE), the Yuga Labs team netted over $400 million in sales from this highly-subscribed event.

Conclusion

The APE price is currently facing a downtrend over the daily time graph. The bulls need to accumulate themselves to redeem the token. As if the recovery took much time then it will be a difficult task for the bulls to make the token recover.

Technical levels

Resistance levels:

Support levels:

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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