ApeCoin price faces headwinds as NFT token sees spike in profit taking

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  • ApeCoin price posted losses of almost 8% overnight, after starting the week with a rally.
  • Proponents are witnessing a spike in profit taking in ApeCoin, creating headwinds for the price of the NFT token.
  • Analysts predict a drop in the price of ApeCoin as the NFT token continues its downward spiral.

ApeCoin price fell after posting 16% gains and hitting a new all-time high above $17.30. Analysts believe that ApeCoin could continue its downward spiral and drop lower.

ApeCoin price drops after hitting new all-time high

The price of ApeCoin fell, posting losses of 8% overnight. The NFT token hit a new all-time high less than 24 hours ago and the price of ApeCoin has been falling ever since.

Proponents have identified profit taking and increased selling pressure as the main reasons for the decline in the price of the NFT token. The price of ApeCoin hit an all-time high, followed by increased profit taking by holders.

The Bored Ape Yacht Club NFT Collection floor price recently hit an all-time high of 124 ETH. The ApeCoin token, distributed to NFT holders, rebounded in response to the rising floor price.

Analysts assessed the price trend of ApeCoin and anticipated a correction in the NFT token after it hit an all-time high. Analysts believe that the recent pullback can be seen as a healthy correction ahead of a rally in ApeCoin price.

Ali Martínez, a renowned crypto analyst, noted the drop in the price of ApeCoin. The analyst predicted a decline towards a support zone between $14.4 and $13.7. A drop in price could fuel a surge in buy orders and push the NFT token towards the $20 target.

The analyst believes that a sustained close below the $13.40 level could invalidate the bullish thesis and lead to further losses for the NFT token.

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