It was just recently when Yuga Labs launched its utility token named ApeCoin (APE). The reason behind the launch of the ApeCoin was to make it Othersidemetaverse’s bedrock. Although things were going very smoothly with the cryptocurrency, it has recently become a victim of massive volatility.
According to information from the on-chain data analysis firms, ApeCoin started experiencing volatility during and after the sale of the digital land. The data shows that the volatility recorded for the ApeCoin protocol is massive.
ApeCoin’s Volatility Outcome
The data from CoinMarketCap shows that it was on April 28, when ApeCoin had reportedly hit its all-time high of $26 per APE. By May 2, the trading price of ApeCoin had plunged from its peak price to a low of $14 per APE.
This goes to show that in a matter of a few days following the mint, the trading price of ApeCoin has experienced a 45% dip. As of now, the trading price of ApeCoin is revolving around a range of $6 per APE.
Current Sentiments of the ApeCoin Investors
Due to the ongoing volatility, there is a lot of uncertainty among the investors. They are not sure whether ApeCoin will be able to recover to its old high trading value or not.
The demand for ApeCoin went up as the Otherside mint was to begin towards the end of April. However, as the minting window ended, the demand for ApeCoin start decreasing. This is when ApeCoin’s price started moving on the descending track.
Even now, the trading price of ApeCoin continues going down because the investors are not making any move to run its bullish run.
The investors are currently holding back from making any bullish move due to ApeCoin’s technical factors being in the negative zone.
The relative strength index for ApeCoin is currently at 32.7759, and it is diving more into the negative zone. A vast majority of the investors are aiming to sell ApeCoin and want to support the downward trend.
The moving averages scale for ApeCoin is indicating a “strong-selling” trend. It shows that currently, there are no investors wanting to become part of the bullish trend. Instead, they prefer selling ApeCoin and lowering its trading price even more.
Future Price of ApeCoin
Although there is a possibility of the bulls launching a wave of strong accumulation, the current tends to go in favor of the bears. The investors are strongly backing up the bearish trend and if the selling pressure keeps increasing, ApeCoin’s price may dip to $5.01 per APE.
Going forward, the investors may continue increasing their selling pressure and bring ApeCoin’s price down to $4.38 per APE.