Join our Telegram channel to stay up to date with breaking news reports
ApeCoin fell below $6 on Wednesday as investors lost confidence in APE Coin. ApeCoin, from the Boring Ape Yacht Club NFT collection, was the most anticipated token launch this year. It attracted many investors in the short term, but the bear market failed to keep the token running properly. As a result, investors quickly abandoned its network in recent months. When APE Coin fell below $6, the APE Coin trend, which had been rising, slowed down.
Most cryptocurrencies and tokens saw an increase in price, indicating that last week was favorable for the cryptocurrency market. Leading cryptocurrencies and tokens experienced strong gains over the past week, with a market cap exceeding $1 trillion. As a result, APE Coin ranked as one of the best performing cryptocurrencies of the past week.
Buy ApeCoin
Your capital is at risk.
ApeCoin Tokenomics
The current APECOIN price is $6.56, with a 24-hour trading volume of $411.6 million. In the past day, ApeCoin has dropped 0.23%. The market capitalization is $2.012 billion, ranking 31st. There are 306.875 million APE coins in circulation, with a maximum supply of 1 billion.
What are the future prospects?
Currently, traders are closely watching an important US monetary policy decision, which is causing volatility in the cryptocurrency market. This is one of the main reasons that has weighed on the cryptocurrency market. This is confirmed by the continued decline in Bitcoin prices. At the beginning of the week, Bitcoin (BTC) performed poorly ahead of another key US monetary policy decision.
Fed rate hikes
Cryptocurrency markets were unable to sustain last week’s strong performance and lost momentum as they awaited another important U.S. monetary policy announcement.
The Fed rate hike is the most important news this week. On the other hand, the Federal Open Market Committee (FOMC) will make an interest rate decision. It is expected to be 75 or 100 basis points. Therefore, rising interest rates tend to cause market volatility, which may cause more coins to fall.
ApeCoin Network Development
The ApeCoin community selected Horizen Labs to create and maintain a staking system based on AIPs 21 and 22. Analysts believe that the price of ApeCoin will rise and the NFT token will soon reach $14. ApeCoin developers updated on APE staking developments on July 23, 2022.
By passing AIPs 21 and 22, the community gave the Foundation specific instructions to create a staking mechanism. Horizen Labs was chosen as a reliable partner to obtain funding, design, and manage the staking system for ApeCoin DAO. Staking was a request from the ApeCoin community. Therefore, Horizen Labs launching ApeCoin staking is likely to generate positive sentiment among APE users.
ApeCoin Drops Below $6 – A Quick Technical Outlook
The APE/USD pair fell below the $6 resistance level, completing a 50% Fibonacci retracement to the $5.56 level. On the 4-hour timeframe, an ascending trendline is providing support right at the $5.56 support level.
A break below the 50% Fib level would expose APE Coin to the 61.8% Fibonacci Retracement level at $5.25. The next support for APE Coin is located at the $4.75 level.
On the upside, APE coin’s immediate resistance is at $6, and a break above this level could drive the coin price to $6.30 and $6.62.
Read more:
How to Buy ApeCoin
How to Buy Cryptocurrency
Join our Telegram channel to stay up to date with breaking news reports
English 
Chinese (China) 
Chinese (Hong Kong) 