- ApeCoin price has posted nearly 8% losses overnight, after kicking off the week with a rally.
- Proponents witness a spike in profit-taking in ApeCoin, creating headwinds for the NFT token’s price.
- Analysts predict a drop in ApeCoin price as the NFT token continues its downward spiral.
ApeCoin price suffered a drop after posting 16% gains and hitting a new all-time high above $17.30. Analysts believe ApeCoin could continue its downward spiral and drop lower.
ApeCoin price plummets after hitting new all-time high
ApeCoin price has plummeted, posting 8% losses overnight. The NFT token hit a new all-time high less than 24 hours ago and ApeCoin price has plunged since then.
Proponents identified profit-taking and the rise in selling pressure as the key reasons for the NFT token’s price drop. ApeCoin price hit an all-time high, followed by a surge in profit-taking by holders.
The Bored Ape Yacht Club NFT collection floor price recently hit an all-time high crossing 124 ETH. The ApeCoin token, distributed to holders of the NFT rallied in response to the rise in floor price.
Analysts have evaluated the ApeCoin price trend and anticipated a correction in the NFT token after it hit an all-time high. Analysts believe the recent pullback can be considered a healthy correction before a rally in ApeCoin price.
Ali Martínez, a renowned crypto analyst noted the drop in ApeCoin price. The analyst predicted a decline to a support zone between $14.4 and $13.7. A fall in price could fuel a spike in buy orders and push the NFT token toward the $20 target.
The analyst believes a sustained close below $13.40 level could invalidate the bullish thesis and result in further losses for the NFT token.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.