ApeCoin (APE), the NFT governance token of the famous apes, continues its recovery, but is now grappling with early difficulties.
“You shall not pass,” shouted Gandalf, the wizard of Tolkienian memory to the Barlog of Moria, and so seems to be doing the $6.40 resistance to ApeCoin.
ApeCoin in the past month has found an excellent performance recovering 61% and bringing the token price to $5.74.
Even in this first week of the shortest month of the year, APE (ApeCoin) continues the positive trend.
ApeCoin (APE): the stalling of resistance levels
The first upside resistance is set at $6.40 and APE is trying to make it its own but the task seems to be more difficult than expected.
APE has tried to attack support at least three times but has failed to break through as investors hope.
The daily shows laterality that does not bode well for the token’s near future, but as of today analysts are still optimistic.
The price of ApeCoin (APE) is up 141% when taking the November 2022 low as the short-term bottom.
Green candles do not seem to be able to break above the fateful $6.40, and at the moment the target area remains between $5.50 and $6.00.
$6.40 is only the first resistance that the token will encounter in its rise, just above that we find the $7.89 resistance that will be crucial for a bull run of APE.
Wanting to look at the short term, there are signs of weakness coming from the negative setup of some data and that facilitated APE’s slowdown.
The same $5.40 was a support that ApeCoin reached without too much trouble, however, as of today we cannot say the same for supports above this threshold.
If things do not go according to plan and strength is lost, on the downside there are other areas to keep an eye on.
The first area that acts as support and that we need to monitor is the $4.80 area while just below that we find the $4.50 area.
If APE returns to these supports, at least for the time being, investors’ dreams of recovery may fade.
What is the crypto APE?
ApeCoin is the Governance Token of the very famous Bored Ape Yacht Club (BAYC) collection, the queens of the NFT world along with CryptoPunks.
ApeCoin (APE) is nothing more than an ERC20 token within the APE / BAYC ecosystem and which also serves as an access key to merchandising, gaming, events and services.
The iconic tokens have become popular in a very short time and collectors pay astronomical amounts of money to get them.
Those who own APE (ApeCoin) can vote in the DAO that manages the BAYC ecosystem.
On the weekly we can understand a lot from ApeCoin (APE) regarding its future.
The APE token was launched last March and will celebrate one year next month.
From the date of its first listing, APE had immediately performed remarkably well until it rose within two months to $27.60 on 28 April 2022.
The April performance last year earned APE a record 2700% growth.
Since the all-time high above in November, the token had reached its low at $2.61 recorded in precisely the second-to-last month of the year.
The overall loss of ApeCoin was found to be for 2022 90.50% from the April high.
Some interesting numbers
According to research revealed by Intotheblock, 37.23% of addresses that hold ApeCoin, own it at a price around $5.89.
In contrast, 12% of APE holders bought on average at a break even price.
ApeCoin is also trending on social networks, with the key word experiencing a 10% increase in Google searches.
On Twitter, Musk’s latest toy, taking a sample of 350 tweets from users, 39.43% are bullish on APE, 11.71% bearish while 48.43% are neutral.