APE Token Price Drops 97% from its All-Time High, Leaving Investors Disappointed

Crypto News- It’s a tough time for many investors who are closely watching Apecoin (APE)’s performance. I recently came across a post from an investor who expressed his disappointment on social media. He revealed that he had bought APE tokens at $23.63, investing a substantial $35,445, and now, his holdings have shrunk to a mere $1,635.

Looking at the data provided by CoinMarketCap, APE had once reached its all-time high (ATH) price of $39.40 back in March 2022. Unfortunately, since that peak, the price of this meme coin has plummeted by a staggering 97%, currently trading at just $1.03 as I write this. During this period, APE briefly touched a peak price of $1.08.

APE Token Price Drops 97% from its All-Time High, Leaving Investors Disappointed

Adding to the frustration, APE’s value has experienced a 12.16% decline over the past week. However, there’s a silver lining in the form of a significant surge in intraday trading volume, skyrocketing to around $65,654,638, which represents a jaw-dropping 225.92% increase in just a single day. As it stands, APE holds the 82nd position among the largest cryptocurrencies, boasting a market capitalization of $381,260,255.

Looking at APE’s daily chart, we can discern a medium-term bearish trend characterized by a consistent pattern of lower lows and lower highs in recent months. Even after making an attempt to breach the $1.298 resistance level on October 2, 2023, the coin was met with rejection at this crucial price point.

Consequently, APE’s value is currently hovering around its listing price on Binance. If it breaks below the support level at $0.977, it could spell losses for the project’s founders and early investors who are still holding APE.

However, there’s always another perspective. Some traders may perceive APE’s current price as an opportunity to enter the market, possibly leading to a retest of the $1.298 mark in the short term. A successful breakthrough above this level might also offer APE the chance to break free from the bearish price channel mentioned earlier, potentially paving the way for a move towards $2.210 in the weeks to come.