By Nathan Ferguson
- ApeCoin price noted double-digits overnight loss despite whales accumulating APE.
- New York-based news publisher TIME declared plans to accept APE as a payment option.
- Gemini announced ApeCoin support on its exchange as APE emerged as the most traded currency by Ethereum whales.
Overnight sessions had ApeCoin price losing its value by double-digits. TME, a news platform based in New York, added APE payments for subscriptions. Meanwhile, ApeCoin struggled to recuperate from downtrends despite whales’ accumulation plus increased utility.
ApeCoin Struggles despite Rising Adoption
ApeCoin had its price hitting $17.17 high, near the $20 listing price, almost 72 hours ago. The NFT coins have recorded a double-digit fall since then. Meanwhile, leading exchanges such as Gemini, Kraken, Coinbase, Binance, FTX, and eToro accepted the crypto and introduced it to their trading platforms.
Moreover, APE emerged as a favorite NFT token for ETH whales. WhaleStats data shows high-net wallet individuals accumulated the BAYC (Bored Ape Yacht Club) token. Also, NY’s TIME magazine revealed plans to accept APE payments in the upcoming weeks.
Recently, BAYC NFT collection creators teased about launching a metaverse run by APE. Yuga Labs stated that ApeCoin enthusiasts should wait for an exciting experience in 2022 April.
Experts evaluated APE price actions and observed that the plunging 20- and 50-day EMA offer an advantage to ApeCoin sellers. The Exponential Moving Average would serve as an effective resistance area, helping sellers defend the resistance at $10.6. A surge in selling strength on the new token translated to price dips.
Nevertheless, the Relative Strength Index slope bounced off the oversold territory and overpowered the 14-simple moving average dynamic resistance.
ApeCoin Past Performance
APE/USDT saw a parabolic surge that had it tagging the $18 psychological zone on 18 March. A long-wick candle rejection indicated that sellers defended the level. The resulting downtrends saw the alt losing 28.27%, sending APE towards the nearest support at $12.9. 19 March sessions had the token resonating inside the $14.58 – $12.9 zone, forming a constricted range.
The slight consolidating favored bears as APE breached the bottom support at $12.9. The continued selling saw the alt on extended declines, losing another 25% to $9.2. Nevertheless, a rejection around this support showed market players interested in the dip. An upside breakout to overcome the resistance at $10.8 would mean a recovery opportunity.