Is ApeCoin Going to Zero? APE Price Plunges 2% in 1 Hour While Bitcoin Minetrix Locks in $4.5 Million of Fresh Investment

cryptonews.com:

Bored Ape Yacht Club (BAYC) governance token ApeCoin is continuing to grind down with resistance as APE price plunges -2% in an hour, but could this surging alternative token be a superior play amid $4.5m investment?

ApeCoin has suffered challenging price action in recent weeks, following a tumultuous ApeFest event, and a tough layer of resistance stemming from the descendant trading channel.

This comes amid a downtick in BAYC NFT prices, which have seen a -5.57% drop in trading volume over the past 24-hours as floor-price struggles to make headway above 30 ETH.

Ok it’s time $APE pic.twitter.com/Py9lT773pS

— Waleed Ahmed (@Waleedahmed234) November 24, 2023

Yet, despite the rocky performance of the BAYC NFT collection, market sentiment for underlying ApeCoin remains strong, with traders betting big on a bullish pendant pattern that seems to suggest APE price is on the precipice of a breakout – lets dig in.

As APE price ticks down in face of stiff resistance, ApeCoin is currently trading at a market price of $1.56 (representing a 24-hour change of -1.07%).

The recent downside move, triggered by a descendant upper trendline – which is creating a patch of localized resistance, comes hot on the heels of recent gains which saw APE price hammer up from the 20DM.

Indeed, the 20DMA (now sat at $1.47) has provided legs to much of the past few weeks ApeCoin price action (which has seen a +11.2% MoM gain), including the push to a localized high of $1.78.

However, APE price now appears to be on a crash course with moving average support following 4-sequential days of downside moves that have so far seen APE price bleed-out -12.5%.

This is bolstered by a further layer of support, stemming from the historic $1.445 price level, giving bears a