The SEC scrutiny of the Bored Ape Yacht Club has jeopardized the price stability of the APE coin.
The SEC, which also took the NFT sector on its radar, launched an investigation by ApeCoin. Impacted by the news, APE faced panic selling from coin investors. After all the developments, a downtrend started to form as the bulls moved away from the popular coin.
APE Coin Future, What’s Happening?
NFT service provider ApeCoin was one of the cryptocurrencies affected by the bear market. The coin, which fell sharply from the ATH level, received intense support from the community. Crypto investors, who think that the project and the company behind it are reliable, did not hesitate from the decline due to the effect of the bear market. However, the news of a move by the SEC had a negative impact on business.
The news impacted drop in the past day caused a crash of about 10 percent for APE. With the effect of panic selling, there was a decrease of $ 4,613. However, the maximalists of the project supported the price by making strong purchases at this level.
A little more selling pressure could push the $4.5 support point. Breaking this point could lead to a quick drop to the $4.4 levels. However, the buying pressure to be experienced with the return of the bulls may also maintain the price stability. In particular, the positive outcome of the investigation by the SEC may create an increase in the price of the coin. It needs to break the $4.9 resistance level before its previous levels. If the resistance in the seller-dominated zone is broken, the $5.2 level before the drop again can be seen.
APE Coin Data
Looking at the APE data, a significant increase was observed in the social metrics of the popular project. The project, which lost blood in social activity until August, managed to rise at the end of September.
However, the main point that worried the bulls was the increasing supply of the coin on the exchanges. The anxiety brought by the bear market showed that investors transferred tokens to exchanges to dispose of them. According to the data, more than 1 million units were increased in supply on the APE side this month.
The continuation of the supply increase on the popular coin side, the continued impact of negative news and the bear season in the crypto market may bring pains. It is noticeable that the bulls are slowly moving away and the chart is being dominated by the bears.
