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ApeCoin is down 50% in Q2: When will it end?

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APE’s further downside likely if the lack of demand and increasing selling pressure persists unless BTC …

ApeCoin sheds 50% in Q2: Is there an end in sight?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Key technical indicators on the daily chart were negative. 
  • Supply on exchanges surged, highlighting sellers’ leverage. 

ApeCoin [APE] could close Q2 2023 in the red if the negative price charts indicators and on-chain metrics persist. The token has depreciated since late January, dropping from its peak of $6.42 and cracking key support levels. 

Read ApeCoin [APE] Price Prediction 2023-24

Bitcoin [BTC] has maintained the $26k price zone since 16 June. BTC’s cues could hold APE’s further drop for a while; a slip below $26k could expose APE to more selling pressure. 

Over 50% value drop – What’s next?

Source: APE/USDT on TradingView

Based on the price range tool, APE has declined by over 55%, measured from its swing highs in mid-April of around $4.5 and $2.02 at the time of writing. Besides, the trendline resistance (cyan) has been a critical roadblock against any likely upside move. 

In addition, the RSI (Relative Strength Index) has been making lower highs since late January, denoting a considerable drop in buying pressure. The demand for APE dipped, too, as shown by the declining OBV (On Balance Volume). 

The above negative indicators reinforced sellers’ control and a likelihood of driving APE below $2.0. A drop to $1.0, the initial opening price for APE on Binance exchange, could be on the cards. 

However, bulls could be hopeful if BTC crosses $27k. But they must clear the trendline resistance at $3, which aligns with the 38.2% Fib level and a key swing low in October 2022. 

Supply on exchanges surged

Source: Santiment

How much are 1,10,100 APEs worth today

APE recorded a surge in supply on exchanges from May, reiterating that more tokens moved to exchanges for offloading. It’s a distribution trend that has seen APE under sellers’ control. 

Conversely, the declining supply outside of exchanges shows a waning interest in APE in the same period. Active addresses remain muted apart from the surge in selling volume on 10 June. Hence, sellers will likely wield influence for a while unless BTC crosses $27k. 


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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