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The Current State of Apecoin and BAYC NFTs
After a 66% decline over the past year and falling prices for Bored Ape Yacht Club (BAYC) NFTs, the Apecoin ecosystem associated with the Bored Ape Yacht Club NFT collection is looking toward new proposals with hope. Despite the crypto market’s bullish trends led by Bitcoin, Apecoin (APE) has struggled to regain momentum, witnessing a 66% drop in its price over the last 365 days and a 24% decrease in 2024 alone. Additionally, the price floor for BAYC NFTs has been in a downward trend since last April, plummeting from a high of 369K to the current 38K per token, as reported by NFT Price Floor.
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A Glimmer of Hope for Apecoin
However, there’s a newfound glimmer of hope for Apecoin. Following its all-time low of 0.989 on April 13, the coin has seen a 35% recovery, reaching its current price of 1.334.
Over the last 24 hours, Apecoin surged by 4.82% and is up by 12.5% over the last 7 days—though it’s still down by 27.93% over the last 30 days, with the majority of the decline occurring in early April.
Initiatives for Revival
Apecoin’s recent recovery can partially be attributed to the Apecoin DAO’s efforts to explore new avenues to enhance engagement and expand the token’s use cases.
Launching an NFT Launchpad
One of these initiatives is AIP-397, a proposal for launching an “NFT Launchpad” powered by Apecoin. This platform aims to facilitate the creation and trading of NFTs using Apecoin. It would introduce Puffles, a “user-friendly, no-code tool” for minting NFTs on various blockchain networks, utilizing Apecoin instead of other cryptocurrencies.
The ApeSwap Proposal
Conversely, another proposal, AIP-405, has been met with enthusiasm: It involves launching ApeSwap, a native ApeChain DEX, where 50% of all fees are returned to the ApeCoin DAO treasury. This initiative has garnered over 80% approval, with an allocation of approximately 750,000 Apecoin—just over $1M in today’s prices.
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Technical Analysis and Future Outlook
Apecoin’s price action doesn’t seem promising from a technical analysis standpoint. The coin has encountered a major volume zone at its lowest level, and the recent 35% spike might prompt swing traders to take their profits. Currently, the coin is testing the EMA10 zone below the EMA55, indicating that the price over the last 10 days is decelerating faster as time progresses.
The Squeeze Momentum Indicator suggests that a rebound might start, but the Average Directional Index (ADX) at 36 indicates that the bearish trend is still strong. The Relative Strength Index (RSI) shows the coin is oversold, with bears dominating 60% of the trades.
Should Apecoin continue its bearish trend, it might lose its recent 35% gains and retest its all-time low in the 1 to 1.10 zone. However, if it maintains its momentum, it could see an additional 35% spike until it tests the resistance set by the EMA55 at around $1.66.
Image was taken at Decrypt.co (created by Decrypt using AI)
