ApeCoin price has exhibited a recovery stance over the past two months. CoinGecko data shows the alternative coin surged more than 13% within the last month, finalizing 2022 on the list with other notable gainers.
Nonetheless, APE has plunged by nearly 5% over the last day, trading near $3.96 during this publication. That may precede what might happen in the coming few weeks.
Macros, NFTs on ApeCoin
The latest events in the NFT sector may impact the deteriorating interest in non-fungible tokens. Firstly, RTFKT COO Nikhail Gopalani encountered phishing activities on his NFTs. As a result, publicly available data shows he lost $173K.
The next scam occurred on 4 January, when scammers escaped with NFTs worth more than $618K from CryptoNovo. Along with faded NFT interest, such events will likely impact ApeCoin’s price. However, connections with the BAYC (Bored Ape Yacht Club) ecosystem may dampen the effect.
Nonetheless, APE has shown a high correlation with ETH lately, which can determine ApeCoin’s future direction. Though Ethereum appreciated over the last few days into the FOMC meeting minutes release, continued hawkishness by the United States Fed Reserve might sink the overall financial ecosystem amid intensified fears of an imminent recession.
Any negative action would bring pain to the market, plummeting the alternative token. Also, that would trigger capital flight, meaning money would leave the crypto market into safe havens such as government bonds or gold.
Bulls and Bears In Constant Battle
ApeCoin traders and investors should target upsides past the resistance of $4.19, as that would ensure higher high momentum for the bulls. Nonetheless, the hurdle could be challenging to surpass, considering massive headwinds and FUD within the market.
APE holders may enjoy short-term gains considering bulls’ presence within the marketplace. Moreover, traders and investors should watch CPI (Consumer Price Index) release in the coming week. The metric will clarify whether the United States central bank would heighten rates further. Remember, any interest rate increase would trigger slides in risk assets and stocks.
Market participants should watch the upcoming CPI data and broader financial market response to the figures. Traders should contemplate these indicators before any massive short or long decision. Meanwhile, CoinCodex’s recent forecast indicates that APE will gain 7.90% to $4/28 by 11 January 2022.
Editorial credit: David Esser / shutterstock.com
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