Animoca Brands Co-Founder Says NFT Market Survives with $300 Million Monthly Sales
- Market Survival Status: Yat Siu, co-founder of Animoca Brands, highlights that despite NFT monthly sales dropping from $1 billion in 2021/22 to about $300 million, wealthy digital art collectors are keeping the market alive, indicating the enduring value of NFTs as long-term assets.
- Personal Investment Losses: Siu disclosed that his personal NFT portfolio has declined nearly 80%, yet he emphasizes that these NFTs are long-term assets, reflecting his confidence in the market despite facing short-term challenges.
- Market Dynamics Shift: The NFT market saw a 27.08% increase in sales volume over the past 24 hours to $8.5 million, with buyers surging 33.03% to 21,272, indicating that despite an overall market downturn, active trading persists, suggesting ongoing market potential.
- Event Cancellation Impact: The cancellation of the NFT Paris event is seen by Siu as indicative of France's shifting stance on NFTs and crypto, reflecting changes in market conditions and security concerns that have undermined participant confidence, threatening the status of Paris as a Web3 gathering hub.
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Technical Analysis for APE
Technical Sentiment Analysis for ApeCoin (APE). As of , ApeCoin (APE) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 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 crypto.
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 | 0.0723 | 0.083 | 0.0934 | 0.104 | 0.114 | 0.125 | 0.136 |
| Fibonacci | 0.083 | 0.091 | 0.096 | 0.104 | 0.112 | 0.117 | 0.125 |
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