SNEAK PEEK
- A large APE investor has withdrawn over $3 million in profits from the Binance exchange.
- The RSI and MACD indicators suggest a bullish outlook for APE.
- APE should close above $2.00 to continue its uptrend pattern.
According to Lookonchain data, a prominent cryptocurrency whale known as “Machi Big Brother” has withdrawn 1.14 million APE worth around $2.32 million from the Binance exchange. Machi Big Brother has garnered attention for adeptly buying low and selling high.
Machi Big Brother, who is good at buying $APE at lows and selling at highs, withdrew 1.14M $APE($2.32M) 3 hrs ago.
From Aug 2, he started to accumulate $APE and has withdrawn 1.51M $APE (3.09M) from #Binance.
Is Now the Time to Buy $APE at the Bottom?https://t.co/eNbTtML30I pic.twitter.com/LzUsVuhW1q
— Lookonchain (@lookonchain) August 14, 2023
The investor started accumulating APE coin on Binance on August 2nd as prices declined. Machi Big Brother reportedly withdrew 1.51 million APE worth approximately $3.09 million from the exchange after the well-timed accumulation.
The large withdrawal of profits signals that Machi Big Brother believes APE may have bottomed or peaked at the lows of $1.78 from its value from its highs. The whale’s trading patterns around tops and bottoms provide insight for investors on potential market turning points.
Analysts think the large APE holder cashing out profits indicates shifting momentum and that current prices could offer an opportune entry point. However, investors should conduct their due diligence rather than rely solely on whale activities.
ApeCoin Price/Technical Analysis: APE Climbs Above $2.00 Progressing the Uptrend Pattern
Today’s ApeCoin price analysis shows the APE token continuing its bullish outlook. After reclaiming a crucial $2.00 level, buyers have pushed its price up further beyond this key resistance zone. APE is trading at around $2.08 at press time, with a 4.24% increase in the past 24 hours and almost 12% gains in the last 7 days.
APE has been forming higher highs and higher lows in an uptrend pattern. If APE continues to increase, traders can expect its next target to be set at $2.15 before it could reach new highs above $2.20. Conversely, a move below $2.00 would invalidate its bullish momentum and could lead to APE breaking down toward the support near $1.80.
APE’s market capitalization currently stands at around $769 million, ranked as the 53rd largest cryptocurrency by market capitalization. The market cap has slightly increased today after the token rose above $2.00. The daily trading volume has increased from yesterday’s close to $118 million at press time, according to CoinMarketCap data.
The 4-hour chart for ApeCoin price analysis shows that the Relative Strength Index (RSI) currently trades at around 71, indicating an overbought market sentiment. In addition, the MACD indicator is still bullish and is currently in an upward momentum trend. If these indicators remain in their current positions, then APE could continue to climb higher from its current price.
Furthermore, the Bollinger band is widening, indicating the market’s volatility. APE trades alongside the upper band on the daily chart, which could lead to a potential breakout above $2.10 if buyers maintain their momentum. The lower band is currently at $1.82, which can be used as a key support level in case of any bearish pullbacks.
Overall, ApeCoin price analysis shows that APE is in a bullish trend and could continue climbing higher. The whale’s profit-taking may have provided an ideal entry point for investors, but caution should still be taken before entering any positions. Monitoring the market sentiment and technical indicators before making any decisions is important.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
