ApeCoin is Going to Zero as APE Price Drops 10% in 24 Hours While New Meme Coin Sonik Goes Viral – How to Buy Early?

cryptonews.com:

As altcoin markets continue to take a hit, ApeCoin (APE) has fallen -10% back below the 20DMA in a tumultuous rejection from trendline resistance, leaving some fearful BAYC bagholders to question whether ApeCoin is going to zero.

This comes following a catastrophic year for ApeCoin, which has bled-out -93.5% since the all-time high on April 28 2022 - leaving APE price reeling in a tight descendant trading channel since the start of this summer.

Worse still? A fleeting recovery in BAYC floor price also appears to have given way to collapsing technical structure, creating a double-whammy of bleak prospects for the once rockstar NFT ecosystem.

Amid the downside moves, ApeCoin is trading low at a current price of $1.82 (representing a 24-hour change of -1.35%).

So far ApeCoin has retraced -14.6% since rejection from a zone of converged resistance between the descendant upper trendline and $2 price level at $2.07.

The rejection comes after an impressive 2-week recovery rally saw APE price soar +22.5% following a strong bounce from lower trendline support.

Critically on August 12, APE appeared to regain supportive footing from the 20DMA, and with a well-defended display by BAYC bulls, 3-days of consolidation above this level appeared to leave technical structure in good form.

However, a sudden drop in BAYC floor price on August 13 appeared to trigger APE's rejection from resistance - driving the initial -10% fall.

With ApeCoin's first serious attempt in months at mounting a recovery rally now in ruins, price action is looking bleak on the short time frame.

But APE's key indicators provide some reasons to be cheerful, the RSI has cooled off significantly on the recent downside move - dropping rapidly from an overbought 60 to an oversold