Is ApeCoin a good buy in May 2022?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on May 12, 2022
  • ApeCoin is currently down more than 60% from its recent highs
  • The important support level stands at $6
  • The strong resistance level stands at $12

ApeCoin APE/USD has weakened from $27.62  to $5.16 since April 28, 2022, and the current price stands at $8.54.

The risk of further decline still persists, and if you decide to buy this cryptocurrency in the upcoming days, you should use a “stop-loss” order because the risk remains high.

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ApeCoin can be used without centralized intermediaries

ApeCoin is an ERC-20 governance and utility token of the APE ecosystem which is used to empower decentralized community building at the forefront of web3.

ApeCoin can be used without centralized intermediaries, and it provides access to certain parts of the ecosystem that are otherwise unavailable, such as events, exclusive games, merch, and services.

Culture has found new expression in web3 through art, gaming, entertainment, and events, and ApeCoin is made to support community-led initiatives that drive culture forward into the metaverse.

The total supply of ApeCoin is permanently fixed at 1 billion tokens, and it is important to say that the APE Foundation is the steward of ApeCoin.

The APE Foundation is tasked with administering the decisions of the ApeCoin DAO, and it is also responsible for bookkeeping and project management.

ApeCoin DAO exists because decentralized governance is very important for managing a globally dispersed community and, therefore, critical to the success of the APE ecosystem.

ApeCoin DAO membership is open to all ApeCoin holders, and every member of the community can vote on important decisions, whether it’s a technical upgrade or a decision to fund a new idea.

ApeCoin (APE) token has achieved an impressive gain in the last week of April 2022, and it has reached highs above $27 on April 28. ApeCoin is currently down more than 60% from its recent highs, and the risk of further decline is still not over.

The uncertainty over 40-year-high inflation, hawkish Fed, the impact of the Russian-Ukrainian war, and the rising risks of the recession continue to keep investors in a negative mood.

Risk-on assets tend to suffer in such conditions because investors look for safer places to invest their money.

The important support level stands at $6

ApeCoin has collapsed from its recent highs, and if you decide to buy this cryptocurrency in May 2022, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The important support level stands at $6, and if the price falls below it again, the next price target could be around $5 or even below.

The strong resistance level stands at $12, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $14.

Summary

ApeCoin has collapsed from its recent highs, and the risk of further decline is still not over. The uncertainty over 40-year-high inflation, hawkish Fed, the impact of the Russian-Ukrainian war, and the rising risks of the recession continue to keep investors in a negative mood.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.