Apecoin (APE) has tumbled -10% in a breakdown move, leaving Apecoin bag-holders dejected with APE price action asking ‘is ApeCoin Going to Zero?’.
This comes following a brief resurgence for the leading NFT governance token, as price took a fleeting +46% rally from rock-bottom levels over the past few weeks.
Downside price action appears to have been triggered by a sudden downtick in Bored Ape Yacht Club (BAYC) NFT floor price, as markets rejected a recovery move up to 32 ETH ($66,694).
Now stood at a floor price of 29.37 ETH ($61,212), the dramatic -8.2% drop in BAYC floor price has spooked markets, leaving ApeCoin once again facing free fall.
Worse still, market sentiment took a further hit during the recent ApeFest NFT event in Hong Kong, which has been engulfed in bad-publicity after 22 conference attendees suffered temporary blindness as the result of over-powered UV lighting at the venue.
If you went blind at ApeFest at least you missed this pic.twitter.com/78ovkRwVue
— bunny
(@DaBunnyOFFICIAL) November 6, 2023
The PR disaster has become the focus of trolling throughout the crypto community, with prominent influencers and traders mocking the event.
APE Price Analysis: Is ApeCoin Going to Zero Amid BAYC Floor Price Decline & ApeFest PR Blunder?
As APE price heads south, ApeCoin is currently trading at a market price of $1.39 (representing a 24-hour change of +0.29%).
This comes following rejection from upper trendline resistance at $1.53, the legacy of an aggressive descending trading channel since May 2022.
APE price is now fighting for support above the ascendant 20DMA around $1.355, as price attempts to stabilize and consolidate at a higher level.
Downside risk here could be considerable, as showcased by the substantial drop yesterday, with price touching down to $1.15 at max fear.
A reason to be cheerful emerges from ApeCoin’s RSI, which has cooled down from a major overbought signal, now stood at 57.
This suggests consolidation here could set the stage for a second test of upper trendline resistance.
However, with the MACD flipping bearish, there is concern that further retracement could occur on the short-time frame.
Overall, ApeCoin is fighting for life here, a strong consolidation would set the stage for a breakout rally, yet, a drop here could spell disaster into 2024 – and as BAYC floor price drops amid a PR mess at ApeFest traders should exercise caution here.
This leaves APE price with an upside target at the upper trendline around $1.5 (a possible +8.2%).
While downside risk for APE price here is significant with a potential support emerging at $1.154 (a potential -16.74%).
Therefore APE price is carrying a current risk: reward ratio of 0.49 – a bad entry characterised by significant downside risk – but certainly not going to zero anytime soon.
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