HomeMarket AnalysisApecoin price up as whale accumulates millions of APE

Apecoin price up as whale accumulates millions of APE


Apecoin price up as whale accumulates millions of APE 1651233349906 20d1a16d dc99 4bc4 887f 8fa4646f6c14
  • Apecoin price was up on Tuesday, trading more than 6% up at the time of writing.
  • The price gain comes amid increased APE purchases by a whale since August.
  • APE could break above a key technical hurdle if bullish sentiment continues.

The price of Apecoin (APE) was up 6% on Tuesday afternoon as Bitcoin held above $28k following the volatility witnessed in the crypto market on Monday. Despite a slowdown for several altcoins, APE price hovered above $1.12, with buyers looking to extend recent gains to double digits. CoinGecko data showed the cryptocurrency was up nearly 10% in the past week.

Whale gobbles up millions of APE

After taking advantage of recent dips to buy Apecoin, the latest on-chain data shows a whale has continued to signal bullishness for the token with fresh accumulation.

Data from Lookonchain posted on X on Tuesday shows that Machi Big Brother has been relentless over the past two or so months. 

On-chain data shows the whale has acquired APE coins worth $7.43 million since August 2. In total, the whale’s bullish stance has seen them purchase 4.73 million APE at the average cost of $1.57. His latest purchase was 2.24 million APE worth $2.94 million, with the transaction seeing him spend 1,761 Ether (ETH) valued at $2.89 million and 52,000 USDC.

What’s the Apecoin price outlook?

Apecoin price appears to have benefited from the whale’s transaction, with APE/USD touching an intraday high of $1.13. The token’s price gain since flipping from the one-week low of $1.01 was over 11% at the time of writing.

Apecoin price up as whale accumulates millions of APE 1697560770862 a049db83 c733 4cf5 b2ce 3d0360b24d78Apecoin price chart from TradingViewWith APE poised above the psychological $1.00 level, an uptick in broader market sentiment could help bulls target the supply wall around $1.29. A breakout from here might open up a path to mid-August highs of $2.08. The daily RSI and MACD indicators support this outlook, but a dip below the primary support level could shatter bulls’ short term plans.

Source link

Must Read
Related News


Please enter your comment!
Please enter your name here