APE has seen a pitiful performance in the past few days after setting a fresh five-month low price at $3.10 last week. The cryptocurrency is now down by a total of 25% over the past month, with a further 33% decline over the past ninety days. However, despite the lackluster performance, the ApeCoin might see some relief after finding support at a downside 1.272 Fib Extension, which might be the solid ground the buyers were looking for before pushing the coin higher.
Meanwhile, a new play-to-earn ecosystem on the block is starting to gain some serious traction. Swords of Blood is an AAA-quality hack-and-slash RPG built on the Polygon network. The project is gaining momentum after early-stage investors learn about its previous achievements of four million downloads with its world-class narrative. As a result, Swords of Blood is expected to be one of the hottest P2E games in 2023.
APE Struggles in 2023 After Four Straight Monthly Declines
Apecoin has struggled in 2023 after suffering four straight monthly declining candles. The coin is now down by almost 50% from its 2023 high of $6.40, as the token currently sits at $3.30. APE is a cryptocurrency created by Yuga Labs, the same team that created the legendary Bored Ape Yacht Club NFT collection.
The cryptocurrency has attracted third-party developers to integrate the token into games. For example, Animoca Brands’ Benji Bananas, a mobile P2E game, has the token integrated as a reward token. It is also expected to be integrated into a plethora of metaverse games down the line.
With the P2E ecosystem still emerging, APE has struggled in 2023, but the recent support at $3.15 might finally be what traders were looking for before buying the token again. Recently, data from Santiment suggests that trading activity in the token is starting to spike as the Daily Active Addresses suddenly rise, hinting a reversal might be on the cards;
Furthermore, on-chain data shows that unrealized losses are now as low as 17%, meaning most holders will be unwilling to sell at these prices due to being in negative territory. As a result, sellers that wanted to sell will have already left, meaning that the selling might be reaching its conclusion;
With that being said, let’s look at the chart and highlight some areas of support and resistance moving forward.
APE Price Analysis: Has Apecoin Found Solid Support?
The following chart shows APE from November 2022 to the current date. It indicates that APE saw a momentous price surge in the final months of 2022, allowing the token to surge by a total of 120% to reach the January high of $6.40;
Unfortunately, APE has been constantly declining from there, dropping almost 50% from the January peak. However, the selling pressure might be coming to a conclusion as the support at $3.15 – provided by a downside 1.272 Fib Extension – might prove to be crucial support moving forward.
Looking ahead, if the buyers push APE higher from here, the first resistance lies at $3.58. This is followed by resistance at $3.90, a falling trend line, $4.00, $4.37 (bearish .382 Fib), $4.76 (bearish .5 Fib), and $5.00.
On the other side, support is first located at $3.15 (downside 1.272 Fib Extension). This is followed by support at $3.00, $2.85 (downside 1.414 Fib Extension), and $2.62 (Nov 22’ lows).
Even with APE looking like it’s about to reverse, investors are starting to choose to enter into lower market cap play-to-earn ecosystems. One, in particular, is starting to gain significant traction as it follows the success of its predecessor, which attracted over 4 million downloads. Let us introduce Swords of Blood.
Swords of Blood – A New Era of P2E Gaming
Swords of Blood is the first AAA-rated, fast-paced hack-and-slash RPG game on the Polygon network. The game boasts flashy combat mechanics, stellar graphics, and a wide range of game modes for everybody to enjoy.
In the game, players choose their characters as they immerse themselves in dozens of hours of an epic storyline and experience old-school isometric gameplay. Players have to grind for loot and rare equipment to craft epic gear of magic and iron as they master a wide variety of weapons to build devastating attack combinations as they hack and slash their way through monsters and bosses.
The project has already released a fully playable MVP version of its game, available to all investors in the presale. Ultimately, the game intends to become a community-centric MMORPG as the team continues to add more multiplayer features such as tournaments, clans, DAOs, and play-vs-player arenas.
Swords of Blood – Strong Player Base With Incredible Lore
Swords of Blood is a cross-play mobile and PC game built on the framework of an award-winning title released on mobile in 2019. Bladebound, the previous game, was an unfinished mobile game released in 2019 that attracted over 4 million downloads. The game still has an excellent retention rate, and the rights to publish it were acquired by HitBox Games, allowing them to integrate play-to-earn mechanics and release further expansion packs.
Furthermore, the game is surrounded by captivating lore set in the world of Ezura. Unfortunately, the world became a palace of violence and evil after the Bladebound Order, a battalion sworn to protect the world, was wiped out by the Dragon Betrayer. After thousands of years of darkness, an eternal goddess came back to revive the last member of the Badebound Order with the goal of restoring peace to the land. It’s now up to the players to destroy the Dragon Betrayer and bring Ezura to its former glory.
The game has such an intriguing story because the team has appointed a dedicated Narrative Director to guide the story to a satisfying conclusion. Jakub Szamalek is in charge of the storyline and characters, and he has extensive experience after being the lead writer for legendary titles such as Cyberpunk 2077 and The Witcher 3.
Presale Continues to Blaze In Final Days of Action
Swords of Blood is hosting a presale for its native token, SWDTKN, which is required in the game to pay for fees, fines, and rewards. The token is also needed to advance through the game and get past certain hero levels.
The presale has raised a total of $1.2 million in fundraising and is currently in the last stage, meaning that these are the final few days available to get invested early in the project. The presale is selling the token for $0.08, and the team intends to list the token on exchanges at a price of $0.1, meaning investors still leave the fundraising with unrealized gains.