ApeCoin (APE) Price Prediction: Will the Token Recover Its Past Glory?

ApeCoin (APE), a token that performed impressively during the 2021 bull market, seems to have become a shadow of its former self.

Key Takeaways

* Apex (APE) token has reportedly lost 98% of its value from all-time highs.

* The token is said to be down 98% from November 2021.

* Apex is said to be facing strong resistance.

Apex (APE) token, a cryptocurrency that shot to stardom during the 2021 bull market, now appears to be a shadow of its former self. As of this writing, APE’s price is 98% down from its all-time high.

Apex (APE) token, a cryptocurrency that shot to stardom during the 2021 bull market, now appears to be 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 sustain 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?

While it has gained 10% in the last 24 hours, cryptocurrency is unlikely to sustain 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?

APE Remains in Deep Trouble

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 at $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.

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.

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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%.

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 appearing at $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.