Apecoin price up as whale accumulates millions of APE
Apecoin price was up on Tuesday, trading more than 6% up at the time of writing.
The price gain comes amid increased APE purchases by a whale since August.
APE could break above a key technical hurdle if bullish sentiment continues.
The price of Apecoin (APE) was up 6% on Tuesday afternoon as Bitcoin held above $28k following the volatility witnessed in the crypto market on Monday. Despite a slowdown for several altcoins, APE price hovered above $1.12, with buyers looking to extend recent gains to double digits. CoinGecko data showed the cryptocurrency was up nearly 10% in the past week.
Whale gobbles up millions of APE
After taking advantage of recent dips to buy Apecoin, the latest on-chain data shows a whale has continued to signal bullishness for the token with fresh accumulation.
Data from Lookonchain posted on X on Tuesday shows that Machi Big Brother has been relentless over the past two or so months.
On-chain data shows the whale has acquired APE coins worth $7.43 million since August 2. In total, the whale’s bullish stance has seen them purchase 4.73 million APE at the average cost of $1.57. His latest purchase was 2.24 million APE worth $2.94 million, with the transaction seeing him spend 1,761 Ether (ETH) valued at $2.89 million and 52,000 USDC.
— Lookonchain (@lookonchain) October 17, 2023
What’s the Apecoin price outlook?
Apecoin price appears to have benefited from the whale’s transaction, with APE/USD touching an intraday high of $1.13. The token’s price gain since flipping from the one-week low of $1.01 was over 11% at the time of writing.
With APE poised above the psychological $1.00 level, an uptick in broader market sentiment could help bulls target the supply wall around $1.29. A breakout from here might open up a path to mid-August highs of $2.08. The daily RSI and MACD indicators support this outlook, but a dip below the primary support level could shatter bulls’ short term plans.
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