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Apecoin [APE] retests $4.9 support as bulls wait for recovery

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Apecoin [APE] retests $4.9 support as bulls wait for recovery

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • APE’s price consolidation in February saw it shed 20% of its value.
  • APE saw considerable whale activity, which could boost its recovery. 

Apecoin [APE] has solidly secured the 23.6% Fib level ($4.932) throughout February. However, holders suffered 20% losses in the same period due to price consolidation. Its price fell from $6.2 to $5, but a recovery could be imminent, as suggested by on-chain metrics. 


Is your portfolio green? Check out the APE Profit Calculator


Can the 23.6% Fib support level hold?

Source: APE/USDT on TradingView

Despite the price rejection at $6.422, bulls have defended the 23.60% Fib level ($4.932) four times in February. As a result, APE has consolidated within 23.6% ($4.932) and 78.6% ($6.004) Fib levels in the past four weeks. 

If the 23.6% Fib level holds for the fifth time, bulls could push APE’s price toward the 61.8% Fib level ($5.677) in the next few days. But they must clear the hurdles at 38.2% Fib level ($5.217) and 50% Fib level ($5.447) to gain leverage. The next significant resistance level will be $6.004. 

On the contrary, bears could sink APE below 23.6% Fib level to reinforce their market influence. If bulls fail to defend the support, bears can look for shorting yields at $4.757 or $4.472. 

The Relative Strength Index (RSI) hovered below the 50-mark in the past few days, tipping the balance in favor of bears. However, on-chain metrics suggest bullish sentiment, which could boost the bulls.  


Read Apecoin’s [APE] Price Prediction 2023-24


APE saw an improved investor outlook and an uptick in whale activity

Source: Santiment

According to Santiment, APE recorded significant whale activity transacting above $100k. Such increased whale transactions could increase APE value and inflict a recovery. Moreover, the weighted sentiment increased sharply on the positive side, suggesting investors’ outlook on the asset was bullish.

In addition, the 90-day Mean Coin Age recorded a rising slope, showing that there has been a network-wide accumulation of APE. The drop-off at press time indicates an increased movement of APE tokens between addresses. As a result, APE could be warming up for a recovery if the 23.60% Fib level holds. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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