Aside from strong technical signals, whales’ growing interest in metaverse coin projects is apparently triggering a trend change in a popular token that was released last month.
A positive rise is expected in the price of ApeCoin
Since March 18 high of $17.46, the price of ApeCoin continues its downward trend. Since then, the price has lost almost 31% after seeing a failed attempt to reach $15.58 lower. A new rally was attempted from April 11 to April 14, but was blocked by current market conditions. The four-day drop in ApeCoin’s price caused it to form lower (LL) levels. 10% uptrend over the past 24 hours helps end the downtrend. There was a latent positive difference between the RSI and the APE between April 11 and April 19.
As a result of this technical improvement, the price of ApeCoin is expected to increase in the near future. Therefore, traders can expect the APE to rise 22% and reach the $14.43 barrier stretching from $14.23 to $15.98 in the one-hour supply zone in the next 24 hours, according to analyst Akash Girimath.
APE may rise as the Metaverse coin projects attract whales
ApeCoin price is expected to reverse its downtrend in the near future, as seen from the recent accumulations of whales holding 100,000 to 1,000,000 Apecoins (APE). As of March 28, these wallets held between 3.6% and 3.9% of the total supply. Whales are stocking up on the drop and are confident in the future performance of the metaverse coin, as seen in the rise in their wallets.
Price prediction
Akash Girimath, whose analysis we shared as Kriptokoin.com, thinks that a possible pullback may trigger a new rally with buyers from lower levels. Here are the reasons why:
After a close below $10.64, the bullish case for ApeCoin pricing will be thrown out the window. A 10% drop to $9.64 could be triggered as a result of this action. Buyers can purchase APE at a discount and create a basis for re-entering the market at a later date.
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