ApeCoin (APE), a token that performed impressively during the 2021 bull market, seems to have become a shadow of its former self. As of this writing, APE’s price is 98% down from its all-time high.
While it has gained 10% in the last 24 hours, cryptocurrency is unlikely to maintain this hike for various reasons.
These reasons range from low demand to bearish sentiment. But what lies ahead for APE and its holders, who have endured an extended downturn?
Earlier today, ApeCoin’s price moved from $0.45 to $0.52, representing a 10% increase. Despite the move, on-chain data shows that nearly 100% of the token’s holders hold it at unrealized losses, making it less attractive to potential new buyers.
Amid the price action, the In/Out of Money Around Price (IOMAP) reveals that APE might soon face resistance that could erase the gains. The IOMAP uses the volume of tokens in profits or losses to spot support and resistance.
Typically, the higher the profit volume, the stronger the support. However, as of this writing, the metric shows a potential sell wall near $0.57.
According to IntoTheBlock, over 1,000 addresses accumulated 7.64 million APE at this price range, which is higher than the volume of those purchased between $0.46 and $0.51.
APE In/Out of Money Around Price | Credit: IntoTheBlock
Thus, if ApeCoin’s price hits $0.57 or gets close to it, many holders might break even. If sustained, this could trigger high selling pressure, potentially causing the price to decline.
Exposure to the Token Reaches All-Time Low
Besides the price action, two other indicators suggest that APE might struggle to recover. The first is the Open Interest (OI), which measures the level of speculative activity around a cryptocurrency.
As of this writing, APE’s OI has crashed to an all-time low of $21.02 million. This means that traders have closed almost every exposure to the cryptocurrency.
If this decline continues, then ApeCoin’s price might continue to fall. Secondly, the Market Value to Realized Value (MVRV) Long/Short difference has plummeted to -24.72%.
APE MVRV Long/Short Difference and Open Interest | Credit: Santiment
This decline is similar to a drop toward a bear market phase. If this trend continues, then ApeCoin’s price might continue to decrease.
APE Price Rebound May Be Limited
From a technical perspective, APE’s price resisted dropping below the $0.45 support. However, the Relative Strength Index (RSI) remains below the neutral midpoint.
The RSI position indicates that the momentum around the token is not bullish. As such, the price might not continue this recovery.
In addition, the red line of the Supertrend indicator is positioned above ApeCoin’s price, with resistance near $0.68. If this trend continues, the cryptocurrency’s value could drop to $0.53.
On the contrary, if the green segment of the Supertrend indicator appears below the price, this trend might change.
In that case, momentum might turn bullish, and ApeCoin’s price might rally above $1.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
