EpCoin drops 40% in three days; Opportunity to buy or continue the downtrend?

Despite the great reception yesterday of the sale of Metavars related to the Bored Ape Yacht Club project and the EpCoin token, the downward trend in the price of this digital currency continues; But is this price cut a good opportunity to enter the AppQueen market, or will the downward trend continue?

To Report Kevin Telegraph, EpCoin has lost about 40% of its value in the last three days alone and has surprised its buyers.

On April 28, the price of IP Coin reached its second historical high of $ 27.57; A record that is 2,650 percent higher than the initial release price of this token in mid-March.

However, after Yoga Labs, the creator of the EPYAT Club Board’s NFT Token Collection, released details of Otherside’s conversion sites, known as Otherdeed, some investors This digital currency came out of their trading positions and started selling.

Yoga Labs had announced that the cost of each piece would be 305 Apple Coins (about $ 4,700 at the time of writing). Many investors, on the other hand, thought that the Adreside Metamorphosis Land would be sold through the Dutch auction method. In Dutch auctions, unlike regular auctions, the auctioneer starts the auction with the highest bid price and then the price goes down enough to find a buyer. Disclosure of this information may have led users to realize that they did not need to hoard large quantities of IP Coins to participate in the auction, thus reducing the demand for this digital currency.

Three days after Yoga Labs released the information, the price of Ip Quinn dropped to $ 17.

Also read: What is an ipat club board?

In addition, the sales pressure of Ipcoin increased when Yoga Labs announced that it had limited the supply of Adderid NFTs and that any wallet on the first wave could only eventually have two NFTs. As a result, this restriction has also played a role in reducing the demand for this digital currency.

Is now a good time to buy AppQueen?

AppQueen is the main token of all payments and transactions made in Yoga Labs products and services. In addition, this token is also used as the governing asset of ApeCoin DAO. IPCoin Dao is an independent, decentralized organization where IPCoin holders can vote on suggestions from community members.

However, the most important point is that Ip Quinn has a close relationship with Yoga Labs. The value of this successful startup reached $ 4 billion almost a year after it started. As a result, promotions for the sale of its transferable land, all of which are paid with AppQueen, can offset some of the pressure to sell continuously.

OpenSea, the world’s most popular NFT market, announced on April 30 that it has begun using IPCoin as a payment method on its platform. Yoga Labs has also asked IpQueen Dao to ask members of its community if they agree with IpQueen moving from Atrium to its own blockchain.

Reacting to the news, Gokhshtein Media, founder of Gokhshtein Media, wrote on Twitter that he believed “AppQueen needs its own China bloc.”

Loma, an independent market analyst, said the digital currency could start a new uptrend, given traders’ interest in trading in addressable stocks, as well as the fall in the price of ipcoins in recent days.

He wrote about this:

The “floor-to-floor” strategy seems to apply specifically to the IP quin and related ecosystems. I think it would be a good idea to buy it (IPCoin) when the excitement of selling MetaRead AdSIDE lands subsides.

What does the ipcoin chart say?

The latest selling pressure in the AppQueen market has pushed the digital currency to a significant level of support. This support is formed by the intersection of the 100-candle moving average (EMA 100 – black line in the image) in the 4-hour view and the level of 50% Fibonacci correction. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 10.63 to the peak of $ 24.

AppQueen is trying to use this intersection as a starting point for its downtrend; But the low volume of transactions indicates that the price of this digital currency is likely to continue to decline. As the downtrend continues, App Quinn’s next target is the 61.8% Fibonacci retracement level near $ 15.72, which is more than 10% away from yesterday’s price.

This point is exactly on the moving average of 200 Kendalls (SMA 200 – blue line in the picture). The last time Apple Coin hit the region, like a launching pad, it pushed up the price of the digital currency by 100 percent.

Conversely, if the IP Coin moves above the 100-candlestick moving average and starts to rise, its next target will be the 38.2% Fibonacci retracement level near $ 18.85. In that case, if the trading volume is sufficient, he can test $ 20 and $ 24 as his next targets.