ApeCoin (APE) Set For Upcoming Token Unlock, Bearish Pressure To Worsen?

ApeCoin (APE) will undergo a token unlock valued at $16.69 million. This development comes amidst the token's bearish price action, which has led to it losing half its market value in Q3 2023.

Timeline of Apecoin-ape

September is gearing up to be a pivotal month in the crypto space, with a series of substantial token unlocks for Solana, ApeCoin, Worldcoin, Optimism, dYdX and Aptos on the horizon. Popular crypto voices, @TheDeFinvestor and @wacy_time1, have taken to Twitter to provide insights, speculations, and analyses on these impending events.

Even though the short-term market structure of ApeCoin was bullish on the 4-hour chart, the $1.5-$1.55 region represented a strong technical resistance based on recent price action.

Apecoin (APE) finds itself in turbulent waters as the once-promising gaming token experiences a precipitous decline, marking a 30% drop in the last 30 days, despite the efforts of bullish investors to shore up its value, APE has plummeted well below the $1.70 support level, raising concerns of a potential free-fall that could see its value revisit the abyss of $1. Currently trading at $1.41, according to CoinGecko, APE has faced a 6% decline in the past 24 hours and a 7.2% loss over the last seven days.

Apecoin (APE) price slides to a new all-time low of $1.50 on Aug 17, bringing it 94% below its $23.65 peak attained just over a year ago. The on-chain analysis examines the chances of a possible price recovery in the coming weeks.

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the $29,100 level on Wednesday. Ethereum (CRYPTO: ETH) also recorded losses, but remained above the $1,800 mark this morning.

Apecoin (APE) price is giving a bullish reversal signal amid a prolonged sideways BTC price action. In the past few days, APE price has shown a significant recovery after plummeting to its all-time lows.

Lookonchain, an on-chain analytics provider, provides a glimpse into whale activity for ApeCoin (APE). In particular, whales have been active in the past day, shifting significant amounts of tokens.

Crypto analytics platform Santiment says that three memecoins are taking off even as Bitcoin's (BTC) price declines. Santiment says that the market caps are increasing for memecoin projects Dogecoin (DOGE), Shiba Inu (SHIB) and ApeCoin (APE). APE is the digital asset associated with the Bored Ape Yacht Club non-fungible token (NFT) collection.

Last week, Ape Coin (APE) price managed to rebound above $2 after dropping to a new all-time low of 1.82 on July 13. But a decline in Ape Coin user acquisition rate threatens to deflate the bullish momentum.

Chinese crypto blogger and journalist Colin Wu has shared the news that South Korean crypto exchanges continue to expand crypto utility and crypto-fiat bridges by adding new crypto-fiat pairs for traders to use.