- The correlation between ApeCoin and Bitcoin is presently at 0.90.
- On May 12, APE surged almost 45 percent to $7.30.
ApeCoin (APE), the new cryptocurrency just established by Yuga Labs, has lately suffered enormous volatility. APE’s price fell from $26 at its high on April 28 to $14 on May 2 – a 45 percent loss in only a few days. The price has fallen to about $5 recently amid the crypto bloodbath affecting almost every cryptocurrency in the market.
ApeCoin Bounces Back Strong
Despite plunging to its lowest point in over two months, ApeCoin (APE) has recently seen a significant increase in value. Due to macroeconomic uncertainties, it has a significant association with Bitcoin (BTC) and U.S. equities (stocks).
On May 12, APE surged almost 45 percent to $7.30. As of May 11, APE has fallen by over 81 percent to $5 from its record high of about $27.50, set on April 28. Other crypto markets have been seeing similarly dramatic price movements this week, including TerraUSD (UST) and the Federal Reserve’s aggressive approach toward growing inflation.
According to CMC, the correlation between ApeCoin and Bitcoin is presently at 0.90, indicating that it is trading almost in lockstep with BTC, hitting multi-year lows. When ApeCoin began to rise, it did so near what looks to be a substantial degree of technical support.
The 0.786 Fib line on the Fibonacci retracement graph drawn from the $0.97 swing low to the $23.65 swing high shows that APE holds above $7. Tokens daily RSI rating is slightly over the “oversold” threshold of 30. According to CMC, the ApeCoin price today is $8.12 USD, with a 24-hour trading volume of $2,108,031,964 USD. ApeCoin has been up 38.82% in the last 24 hours.
