• ApeCoin (APE), is in a decline since the beginning of crypto bear market.
• APE has now posted six weekly red candles, and it appears to be moving towards another red candle.
• APE may temporarily be abandoned by investors who choose to invest in more stable coins during this bear market.

CoinMarketCap reports that ApeCoin, once popular (APE), has seen a decline since the start of crypto bear markets.

APE’s peak price of $27.50 was reached on April 25, 2022. APE has now posted six red weekly candles, and is looking to light another red candle weekly. The price of APE dropped from its peak of $27.50 on April 25, 2022 to $5.4553 today, an 83.4% decrease.

The price of APE is continuing to drop (Source: Tradingview).

The daily chart of APE/USDT shows that the APE price decline continues. The 9 EMA is located below the 20 EMA which is a bearish sign. A bearish flag also exists in the RSI oversold territory. The RSI SMA is just below it. However, at this moment the RSI line slopes positively.

The ongoing APE sale-off may be due to the loss of hype surrounding the NFT market. APE, which is the APE space’s coin, represents Mutant Apes and Bored Ape Yacht Club. Investors may move on to coins that offer more utility.

Additionally, portfolio investors might be shifting their allocations in the bear market. A decline in APE over the past few weeks may lead investors to choose coins with a higher price than the bear market.

The 9 EMA daily chart will be broken if the APE price is not able to rise above it. If this happens, we may see APE’s price drop further in the days ahead.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. The information contained in this article shouldn’t be taken as investment advice. CQ recommends that all users do their research on cryptocurrency before making any investment.

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