ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

Christian Encila

Last Updated: July 15, 2022 7:00 am

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

ApeCoin (APE), the Bored Ape Yacht Club collection’s native coin, has been continuously falling since the June slump, reaching a low of $3.05.

Even though APE is now trading at a premium of 6.5% over its initial price on Friday, its performance still pales in comparison to other altcoins.

As of this writing, APE is trading at $4.69, a decrease of 3.5% in the last 24 hours, according to data provided by Coingecko on Friday.

APE reversed the downtrend on the 4-hour chart after reaching $3.06 in the previous month. Nevertheless, the price encountered numerous obstacles at the $5.3 and $5.5 levels and became sluggish from there. APE is now reevaluating the $4 support.

Further Downturn In The Offing For ApeCoin?

ApeCoin is approaching a standstill, which could initiate a reverse. Due to the possibility of a further decline in the market value of APE, investors must be wary of the downturn, which has the ability to disrupt the gains and cause further weakening.

Since the middle of June, the price of ApeCoin has fluctuated laterally. If the $4.00 barrier holds as support, a rally to $6.00 is likely. A break of the $4.00 threshold may result in an extra 33 percent dropping to $3.00.

The NFT market is one of ApeCoin’s attractions, although the market is currently displaying very dismal numbers.

After reaching $42.1 million in sales in May, BAYC NFTs have not produced substantial volume for the past two months. During this time period, the BAYC’s average volume was $2.1 million.

APE total market cap at $1.4 billion on the daily chart | Source: TradingView.com

APE Drops More Than 80% From ATH

Since the June 30 swing low of $4.20, ApeCoin’s price has increased by around a quarter. This gain briefly surpassed the $5.02 barrier, but purchasers were unable to sustain this recent turnaround. As a result, APE moved below the mentioned level, indicating an impending downward trend.

Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt

In addition, it is vital to remember that NFT sales for the month of June barely surpassed $1.3 billion. Prior to that month, OpenSea executed around $3.1 billion worth of transactions.

In other words, APE will continue on its current course if the scenario on these aspects does not change.

Prior to the April sale of Otherdeed land by YUGA labs, the price of Apecoin followed a parabolic trend. Since then, however, the coin has been in a steep decline, falling more than 80 percent from its all-time high of $26.7.

Featured image from CoinChapter, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.