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- ApeCoin price dropped 40% in the last three sessions, underlying massive volatility.
- A whale has transferred 4.58 million APE tokens worth $5.22 Million in the last 24 hours.
ApeCoin price witnessed sharp volatile swings over the weekend. It displayed roller coaster moves, and investors were looking in panic. At the beginning of this week, ApeCoin registered a massive breakout above the $1 mark amid the launch of ApeChain.
Following this event, the smart money cashed out their holdings instead of buying. Also, the APE price witnessed a turnaround. Amid the lack of confidence among the market participants, the altcoin could retest the $1 mark shortly.
A Look at the Whale Activity
Data from SpotonChain revealed that a dormant wallet tied to ApeCoin had moved 4.58 million APE tokens to Wintermute Trading OTC. That was worth approx. $5.22 Million,
Thus, since the launch of Apechain, three wallets associated with the ApeCoin distributor from 2022 have actively traded APE.
Consequently, these wallets have swapped 12.47 million tokens pegged at $17.54 Million through Wintermute OTC. Analysts say these transactions have been essential to recent market price corrections.
Can APE Price Bounce Back After Recent Declines?
This week, the ApeCoin price faced rejection from the supply zone of the $1.75 mark. It was heading to retest the recent breakout zone around the $1 mark.
After three months of consolidation, APE price has escaped the range bound phase and climbed above the $1 mark, which fueled a bullish hope among the market participants.
This significant range breakout and recent developments in the ecosystem drove the APE price upward. Meanwhile, whales still did not look confident in buying APE and sold their APE holdings. It resulted in a significant profit booking at the highs.
However, the price action conveyed that the APE price was approaching the 200-day EMA mark. The token could see a bounceback.
If the APE price reverts from the $1 mark, it may cross the recent neckline of $1.75. Afterward, it could hit the $2 mark in the following sessions.
At press time, APE price was trading at $1.05, noting an intraday decline of over 7.89%. With a market cap of $789.34 Million, APE stood at the 79th largest crypto among the top 100 crypto coins.
APE Price Prediction: What Do Charts Reveal?
ApeCoin price prediction on a daily time frame conveyed a mixed outlook. Considering the recent positive crossover of the 50-day EMA and 100-day EMA, it signaled a potential surge in the coming sessions.
However, the rejection from the supply zone of $1.75 signaled a caution that sellers were still active at the higher levels.
Amidst this, price trends and recent range breakouts represented a bullish hope. The hope was that ApeCoin might trigger an upward bullish momentum in the upcoming sessions.
Clifton, a crypto analyst, recently did some tweets on X regarding ApeCoin. In one, he said that the ApeCoin price had escaped a multi-month downward trendline on a weekly time frame. Also, the token revealed a massive trend reversal.
A significant upward movement beyond the $1.50 mark would lead to a massive short-covering move. The immediate support zones for APE were $1 and $0.96. At the same time, the upside hurdles were $1.25 and $1.60.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
