ApeCoin (APE) Might Witness a Massive Upsurge as Whales Accumulate

  • APE price reveals a rebound that overpowered the 4-day downside trend, revealing intentions to climb higher.
  • Market players can expect a 22% upward move that tags the 1hr supply region, stretching between $14.23 and $15.98.
  • A daily candle closing beneath $10.64 will cancel ApeCoin’s bullish narrative.

ApeCoin price actions reveal a massive bullish technical confluence that signals a potential upward trend. Furthermore, the broad market shows an improved mood, making APE’s uptrend plausible.

APE Price on Bullish Action

ApeCoin has seen downward trends since the alt peaked at the $17.46 mark on 18 March. However, a failed trial had the crypto forming a lower high near $15.58, and APE lost approximately 31%. The alternative token attempted another rally from 11 April to 14 April, but the deteriorated market conditions meant another failed move.

That had ApeCoin on a 4-day downside spiral, forming lower highs. The previous 24 hours saw APE ending the downward bias as the alt surged 11%. Surprisingly, the crypto printed a higher low between 11 April and 19 April as the Relative Strength index recorded a higher low, suggesting a concealed bullish divergence.

This technical pattern reflects a rising momentum, indicating that the coming action will trigger massive uptrends for the toke. Market players can expect a 22% upward move from APE to tag the hurdle at $14.43, which sits within the 1hr supply region, stretching between $14.23 and $15.98.

The latest accumulation by whales with 100,000 to 1,000,000 ApeCoin tokens supports the upward projection for the alt. these addresses increased their stash to 3.9% from 3.6% starting 28 March. The surge shows large wallet investors have scooped APE amid dips, and they remain optimistic about the token’s future.

A daily candle closing beneath $10.64 will see APE forming a lower low, invalidating the bullish narrative. Such a move can attract more bears, catalyzing a 10% towards $9.64. Buyers can join at this level to accumulate ApeCoin at discounted prices, creating a base for another upward attempt. Nevertheless, broader market sentiment remains critical for APE’s fate.

Stay tuned for upcoming developments in the financial world.

Editorial credit: David Esser / shutterstock.com