Apecoin (APE) fell to a new all-time low of US$1.50 on Thursday (17), leaving it 94% below the peak of US$23.65, reached just over a year ago. On-chain analysis examines the chances of a possible recovery in the coming weeks.

Apecoin (APE) is an ERC-20 token native to the Bored Ape Yacht Club (BAYC) ecosystem. Lower-than-expected demand in the global NFT market and the altcoin market slowdown in recent weeks have combined to condemn APE to a new all-time low.