ApeCoin has continued its bearish trend, dropping from $3.81 to $3.21, with a loss of over 46% since mid-February. The current price is just above the key support level of $3.20, and sellers are looking to extend the bearish trend.

The declining daily active addresses could hamper a bullish rally, and sparse trading volume could sabotage buyers' efforts. The short-term bullish gains for ApeCoin were erased by intense selling pressure, and the RSI was in the lower range with a reading of 37, indicating heightened selling pressure.