ApeCoin Whales Booking Profit After Pump: Can APE Price Decline?

• Whale has offloaded 7.767M APE after the recent bullish move.
• ApeCoin price surged more than 100% over the past 5 days.
• APE price technical chart has witnessed a significant bullish trend.

ApeCoin’s value recently saw a massive upsurge. This gain in the price happened when an APE whale sold off a sizable chunk. ApeChain launched 2 days ago, which also impacted the price positively.

APE price has surged by 125% post this launch. After this massive surge, APE Whale has offloaded and transferred 7.767M APE (worth $11,982,000) to the OKX exchange.

This marked a watershed in the history of trading for the aforementioned whale. Since February 9, 2023, the whale has engaged in active APE trading.

Despite this massive transaction, the whale still has 5.94M APE in staking, worth about $9.05 Million. Before it was even a year old, this portfolio lost $4 Million, or a 6.5% return on investment.

ApeCoin did well in the market even after a significant holder unloaded a sizable portion of the cryptocurrency. It has seen a respectable price increase of over 20% in the past day.

Will APE Price Keep Surging or Profit Booking on Its Way?

APE price was trading at $1.48 at press time. Over the past 24 hours, it has dropped by 4.79%. The current market valuation was $1.12 Billion, and there was a massive 35.37% optimistic change in trading volume. ApeCoin is a sign of a strong market move.

ApeCoin price has formed an ascending triangle pattern on a daily time frame and triggered a strong breakout. After the breakout, the APE price witnessed a significant surge of over 100%. However, the momentum has halted near a crucial level of $1.6 and showed mild bearish momentum.

Suppose the APE price faces resistance from this zone and slips below the $1.20 mark. If this happens, it could generate a bearish scenario. Here, whales might prefer to book profit, which could lead to intense selling pressure.

Alternatively, buyers might remain in the game if the price overcomes the $1.60 mark. More buying pressure can be seen once the price exceeds $2.50. Investors might lift the price further, and a momentum for loss recovery can be anticipated.

The money flows into and out of an asset, measured by the Money Flow Index (MFI), is 73.05. This indicated that an overbought situation was not imminent in the market.

Nonetheless, investors continue to show interest in the stock. It is perhaps due to their strategic acquisitions of the big fish’s stake or speculative trading.

APE Price Prediction in a 4-H Timeframe

In a 4-H time frame, the APE price has undergone a consolidation phase after a massive surge. However, the price has defended the $1.40 mark for the past few days.

Profit-booking momentum can be seen once the APE price loses this level. On the other hand, if the ApeCoin price departs from this zone with strong buying momentum, it may further perform positively.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.