On Wednesday, ApeCoin slips under $6 as investors lose faith in the APE coin. The ApeCoin from the Bored Ape Yacht Club NFT collection was the most anticipated token launch of the year. It attracted many investors in a short period, but the bears did not allow the token to perform properly. As a result, APE has seen investors abandon its network rapidly in recent months. The APE coin, which had been rising, slowed after falling below the $6 mark.
Most coin and token prices rose, indicating that the previous week was advantageous for the cryptocurrency market. The leading cryptocurrencies and tokens have experienced strong rises in the past week, taking the market cap beyond the $1 trillion mark. As a result, the APE coin was rated as one of the top-performing cryptocurrencies over the previous week.
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The current APECOIN price is $6.56 with a $411,666,774 24-hour trading volume. Within the past day, ApeCoin has decreased by 0.23 percent. With a live market cap of $2,012,032,245, the market is now ranked number 31. There are 306,875,000 APE coins in circulation with a maximum supply of 1,000,000,000.
What’s Coming Ahead?
For now, traders are keeping their eyes on the important US monetary policy decision, which causes volatility in the crypto market. This was one of the key reasons that kept the crypto market under pressure. The consistently falling prices of bitcoin have confirmed this. As a new week begins, Bitcoin (BTC) is performing poorly ahead of another crucial US monetary policy decision.
US Federal Reserve to Hike Rate
In anticipation of another important monetary policy statement from the United States, the cryptocurrency market could not maintain its strong performance from the previous week and lost its upward momentum.
The Federal Reserve raising interest rates is the biggest story this week. On the other hand, the Federal Open Markets Committee (FOMC) will make interest rate decisions. This is expected to be 75 or 100 basis points. As a result, rising interest rates tend to cause market volatility, which may cause more coins to fall.
Network Development in ApeCoin
The ApeCoin community chose Horizen Labs to create and maintain a staking system in accordance with AIPs 21 and 22. Analysts believe that the price of ApeCoin will rise, and that the NFT token will soon reach the $14 mark. ApeCoin developers provided an update on APE staking development on July 23, 2022.
By passing AIPs 21 and 22, the community gave the Foundation specific instructions to create a staking mechanism. Horizen Labs was chosen as a dependable partner to obtain a grant, design, and manage a staking system for the ApeCoin DAO. Staking is a requirement for the ApeCoin community. As a result, Horizen Labs’ introduction of ApeCoin staking may result in a positive mood among APE users.
ApeCoin Slips Under $6 – Quick Technical Outlook
The APE/USD pair slips under the $6 resistance level to complete a 50% Fibonacci retracement at the $5.56 level. On the 4 hour timeframe, an upward trendline is extending support precisely at the same support level of $5.56.
A break below the 50% Fibo level exposes APE coin to the 61.8% Fibonacci retracement level of $5.25.The APE coin’s next support stays at the $4.75 level.
On the upside, APE coin’s immediate resistance stays at $6 and a break above this could lead the coin’s price towards $6.30 and $6.62 levels. Good luck!
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