The price of Apecoin (APE) has seen a significant increase, trading more than 6% higher at the time of writing. This rise in price is attributed to a whale who has been accumulating APE tokens since August. If the bullish sentiment continues, APE could surpass a key technical hurdle.
The price of Apecoin (APE) has surged by over 6% as a whale continues to accumulate millions of APE tokens since August. The bullishness of the whale has contributed to APE trading above $1.12, and the cryptocurrency has gained nearly 10% in the past week.
This bullish sentiment has been fueled by on-chain data that shows the whale has acquired APE coins worth $7.43 million since August. The whale purchased 4.73 million APE at an average cost of $1.57. The most recent purchase was 2.24 million APE worth $2.94 million. This transaction involved the spender utilizing 1,761 Ether (ETH) valued at $2.89 million and 52,000 USDC.
The rise in Apecoin’s price can be attributed to the whale’s accumulation. APE/USD reached an intraday high of $1.13, with a price gain of over 11% from the one-week low of $1.01. The current outlook for Apecoin suggests that it could target the supply wall around $1.29 if broader market sentiment improves. Breaking out from this level could potentially lead to mid-August highs of $2.08. However, if the primary support level is breached, it could have a negative impact on short-term bullish plans.
What’s the Apecoin price outlook?
Apecoin’s price has benefited from the whale’s accumulation, with the token trading at an intraday high of $1.13. If market sentiment improves, APE could target the supply wall around $1.29, and breaking above this level may lead to mid-August highs of $2.08. However, a dip below the primary support level has the potential to disrupt short-term bullish plans.
What is Apecoin (APE)?
Apecoin (APE) is a cryptocurrency that operates on the blockchain and aims to incentivize and reward the adoption of eco-friendly practices. It is designed to support projects and businesses that promote sustainability.
What is a whale in cryptocurrency?
In the context of cryptocurrency, a “whale” refers to an individual or entity that holds a large amount of a particular cryptocurrency. Whales have the capability to impact the market due to their significant holdings and trading activities.
How can a whale’s accumulation affect the price of a cryptocurrency?
A whale’s accumulation of a cryptocurrency can have a significant impact on its price. When a whale buys or accumulates a large amount of a particular cryptocurrency, it creates increased demand, which can drive up the price. Other traders and investors may perceive this accumulation as a bullish signal and also start buying, further increasing the price.
What is the significance of the whale’s accumulation of Apecoin?
The accumulation of Apecoin by a whale is significant as it indicates confidence and bullish sentiment in the cryptocurrency. The whale’s continuous accumulation of APE tokens since August suggests that they believe in the long-term potential and value of Apecoin. This accumulation has contributed to the recent price increase of Apecoin.