Ethereum and Bitcoin have dipped into consolidation again, with the bellwether crypto hovering beneath $20K and the leading alt barely steadying beyond $1K during this publication.
Bearishness by the market leaders triggered profound effects within the marketplace, ensuring a brunt even for the assets that don’t positively correlate with Bitcoin and Ethereum.
ApeCoin Battling Bears
The Bored Ape Yacht Club’s native coin has been sliding each day. While publishing this content, APE traded at $4.5 after exploring the $3.06 lows amidst the June slump.
Surprisingly, ApeCoin remains the most disappointing token on the altcoin market despite changing hands 6.5% beyond the opening price. The NFT token has lost approximately 81% from the $23.7 highs within three months.
Furthermore, ApeCoin isn’t like most alts within the space as the alt boated a negative correlation with Bitcoin up until July 12. Meanwhile, this correlation hovered at 0.06 during this publication. Meanwhile, APE will require broad market sentiment to recover from its lows to turn positive and even contemplate moves to its highs.
The ADX (Average Directional Index) hasn’t favored upswings, but staying beneath the 25.0 mark, it’s not reflecting the downtrend’s strength either. Nevertheless, the Moving Average Convergence seems ready to execute a bearish cross as the green bars fade, welcoming bearishness.
Can BAYC Help APE?
Meanwhile, the non-fungible token (NFT) market would have been APE’s massive advantage. Nevertheless, the NFT space has exhibited an unsatisfactory performance.
The Bored Ape Yacht Club NFTs haven’t generated substantial volume over the past two months since touching the $42.5M in sales during May’s trading sessions. The average volume remained around $2.1M since May.
Moreover, beware June’s NFT sales barely surpassed $1.3 billion. The prior month saw OpenSea (alone) conducting NFT sales worth $3.1 billion. Meanwhile, APE will likely extend its current trends unless these two fronts see an improved situation.
Also, the current overall market condition supports ApeCoin’s bearishness. Bitcoin struggles to keep the $20K level, changing its bearish hands near $19,984 during this publication. A shift in broad market cues remains essential to welcome trend-altering rallies within the cryptocurrency world.
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