Bored Ape Yacht Club (BAYC) NFTs struggle as floor prices decline. APE Coin's fate hangs in the balance, awaiting a potential Ethereum surge for a much-needed rebound.
naturally garners attention. However, a closer examination of APE’s daily timeframe chart revealed a prolonged downtrend.
Although there were a few value increases, the overall trend remained bearish. As of this writing, APE was trading at approximately $2.2, experiencing a marginal decline of less than 1%.Also, the price trend depicted on the chart consistently remained below its short Moving Average and below the neutral line on the Relative Strength Index . These indicators suggested a predominantly negative market sentiment surrounding APE.
The upcoming weeks will be crucial in determining whether BAYC has entered a prolonged decline or if the current situation is merely a temporary setback.
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