NFT market struggles: Monthly sales reach yearly low
NFT Sales Decline: November saw NFT sales drop to $320 million, a 66% decrease in market capitalization from January highs, with the sector's overall market cap falling to $3.1 billion.
Top Collections Struggle: Major NFT collections like CryptoPunks and Bored Ape Yacht Club experienced significant declines, while Infinex Patrons and Autoglyphs were notable exceptions, showing gains of 14.9% and 20.9%, respectively.
Market Volatility: The NFT market has faced turbulence, with valuations dropping from $6.6 billion to $3.5 billion in a month, followed by a brief recovery that was short-lived.
Weak December Start: The first week of December recorded only $62 million in NFT sales, indicating a continued downturn in the market as momentum slows.
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Technical Analysis for APE
Technical Sentiment Analysis for ApeCoin (APE) As of , ApeCoin (APE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for APE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, APE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
ApeCoin (APE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0401 | 0.0724 | 0.107 | 0.139 | 0.173 | 0.205 | 0.239 |
| Fibonacci | 0.0724 | 0.0977 | 0.113 | 0.139 | 0.164 | 0.18 | 0.205 |
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