The way cryptocurrencies are performing these days, the traders are under pressure. While Apecoin has experienced multiple trend changes since the currency experienced its first massive rally in march, the traders are puzzled by Apecoin to-and-forth price action.
However, over the past day, ApeCoin’s price action shows that bulls are back in action. At the press time, APE is trading at $11.38 with an increase of 3.15% over the last 24hrs.
ApeCoin Price Action Points Towards Buy Signal
Between March 28 and April 7, ApeCoin price dropped roughly 31% as the price drained towards the $12.28 support level. But this trend was reversed after APE surged by 15% on April 10, indicating an uptrend.
The ApeCoin price has an immediate resistance at $12.28 and this support will soon act as a support area soon. If Apecoin retraces below $10, investors can begin accumulating as the currency will face an upswing above the said area. Hence, if this happens APE will rally by 10% to reach $12.28 and once this happens, $12.28 will act as a support zone and the next resistance will be $14.43 which would gain 30%.
In a highly bullish prediction, ApeCoin might even extend its gain, and bull might hit an all-time high at $17.46
The supply distribution chart supports an uptrend for ApeCoin price and this index tracks the number of APE tokens grabbed by institutions. It is to be noted that since March, investors who have 100k to 1 million APE tokens have increased from 4 to 152 representing a 3,700% gain.
On the other hand, wallets that hold between 1 million and 10 million APE tokens have increased from 183 to 192 in numbers that indicate a 5% gain in the same period.
However, if ApeCoin fails to surpass the said resistance zone, then the currency will retrace back to $10.82 and lead towards correction.