- ApeCoin price broke its two-week downtrend by rallying 15%.
- This uptrend paves the way for a further ascent that could propel APE to an all-time high at $17.46.
- A three-hour candlestick closing below $9.64 will create a lower low and invalidate the bullish thesis.
ApeCoin price reveals a buy signal
ApeCoin price lost approx. 31% between March 28 and April 7 and broke the $12.28 support level. This downtrend was reversed after the APE bounced back 15% on April 10, suggesting the start of an uptrend.
A movement impulsive often leaves demand areas behind, and for the ApeCoin price, it ranges from $10.82 to $11.12. As APE faces resistance at $12.28, a retracement towards this support zone looks likely.
As the bears pull the ApeCoin price lower into the demand zone, investors may begin to accumulate as the rally resulting from the retest of said zone will be key to triggering a recovery. In such a case, APE will rally 10% to challenge the $12.28 hurdle; flipping this level into a support floor will open the way to $14.43, indicating a gain of 30% .
In a very bullish case, the price of ApeCoin could extend the surge and mark its all-time high at $17.46.
The supply distribution chart supports the upward trend in the price of ApeCoin. This index tracks the number of APE tokens held by institutions or wealthy investors. Investors who have between 100,000 and 1 million APE tokens have increased from 4 to 152 since March 10, an increase of 3,700%.
The same trend can be seen with the next category of wallets containing between 1 million and 10 million APE tokens. These investors fell from 183 to 192, suggesting a 5% increase over the same period.
The peak in the number of whale wallets indicates that these investors are confident in the bullish performance of the ApeCoin price.
Regardless of outlook On the bullish side of ApeCoin price, a breakdown of the $10.82 level will invalidate the three-hour demand zone and pave the way for further correction.
A candlestick The three-hour chart closed below $9.64 will create a lower low and invalidate the bullish thesis for ApeCoin price. In such a case, APE might fall into the $8.19-$8.76 demand zone, looking for stable support areas.
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APE, ShitCoin or Crypto Nugget? The price of ApeCoin could reach all-time highs soon! – The ₿log
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