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

Despite the great reception yesterday at the sale of Metavari 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 reduction a good opportunity to enter the AppQueen market or will the downward trend continue?

According to the Quin Telegraph, ip Quinn 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 all-time high of $ 27.57; A record that is 2650 percent higher than the original launch price of this token in mid-March.

However, after Yoga Labs, the creator of the NFT Token collection aboard the EPYAT Club, released details of Otherside conversion sites known as Otherdeed, some investors This digital currency came out of its trading positions and began selling.

Yoga Labs has announced that the price per piece will be 305 Apple Coins (about $ 4,700 at the time of writing). Many investors, on the other hand, believed that 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 and then the price drops enough to find a buyer. Disclosure of this information may have led users to realize that they do not need to accumulate large amounts 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 fell to $ 17.

Read also: What is the board of the ipat club?

EpCoin drops 40% in three days;  Opportunity to buy or continue the downward trend?
Four-hour chart of the price of Epcoin in dollars.

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

Now is the right time to buy AppQueen?

AppQueen is the main symbol of all payments and transactions made in Yoga Labs products and services. In addition, this token is used as a management asset of ApeCoin DAO. IPCoin Dao is an independent, decentralized organization where IPCoin holders can vote on suggestions made by 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 dollars almost a year after its launch. As a result, promotions for the sale of transferable land, all of which are paid for with AppQueen, can offset some of the pressure to continue selling.

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 also asked IpQueen Dao to ask members of its community if they agreed for IpQueen to move from Atrium to its own blockchain.

In response to the news, Gokhshtein Media, founder of Gokhshtein Media, wrote on Twitter that it believes “AppQueen needs its own Chinese bloc.”

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

He wrote about it:

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

What does the ipcoin chart say?

The recent pressure on sales in the AppQueen market has pushed the digital currency to a significant level of support. This support is formed by the intersection of the moving average of 100 candles (EMA 100 – black line 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 a peak of $ 24.

EpCoin drops 40% in three days;  Opportunity to buy or continue the downward trend?
Four-hour IP Coin price chart.

Apple Coin is trying to use this crossroads 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 fall. As the downward trend continues, the next target of App Quinn is a 61.8% Fibonacci correction level close to $ 15.72, which is more than 10% off yesterday’s price.

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

Conversely, if the ip Quinn moves above the moving average of 100 candles and begins its upward trend, its next target will be a Fibonacci correction level of 38.2% close to $ 18.85. In this case, if the trading volume is sufficient, he can test $ 20 and $ 24 as next targets.

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