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

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. 

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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.