September 24, 2023
  • APE has its price consolidating around the range’s lower half.
  • The Volume Profile Indicator confirms bulls’ uninterested in ApeCoin price.
  • The alternative token should climb past $7 to invalidate the bearish trend.

ApeCoin’s price might seem to signal an impending catalyst as buyers avoid the ETH-based NFT coin. The altcoin retains bearishness and seems primed for declines in the upcoming sessions. That comes as bears remain dominant in the overall crypto market.

APE Ready to Visit $5

ApeCoin will likely see a sweep-the lows move in the upcoming days as bulls retain price actions at the $6 zone’s lower boundary. The consolidation might signal smart money’s strategy to accumulate liquidity below the 12 May lows at $5.11.

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The Volume Profile confirms the narrative of an impending sell-off for ApeCoin price. Bulls are yet to step up and protect price movements on the indicator, justifying ongoing sideways and downturn movements for APE.

The alternative token should reclaim $7 to invalidate the bearish case. Breaching this area might see bulls pushing higher, possibly towards $14. That would mean a 100% surge from current prices.

Meanwhile, a new Kraken Intelligence report shows Metaverse coins as among the two crypto categories that recorded Y/Y price growth. Metaverse tokens have surged about 400% year on year, outperforming other cryptocurrency categories amidst bearish conditions.

May 2022 market data from CoinGecko and Kraken Intelligence shows leading gains from STEPN (+746%), Axie Infinity (+511%), Sandbox (+470%), and Decentraland (+41%). Users can use Metaverse coins to pay fees, governance participation, and buy land.

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Another category with gains was exchange tokens, recording a 6% surge. Meanwhile, other categories presented negative actions, with losses ranging from BTC’s -13% to DeFi’s -72%.

Meanwhile, blockchain games using metaverse and NFT platforms remained popular in 2022. Though the financial space struggle with bearishness, the games have seen consistent clients at nearly one million players per day (DaapRadar data).

Nevertheless, bearish markets this year seem to discourage crypto investors. Market players remain worried about potential recession and escalating inflation. Bears have canceled upside attempts within the crypto space as they drag prices lower. ApeCoin might take time to recover amid such conditions.

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