The Apecoin (APE) price rebounds after reaching an all-time low
The price of Apecoin (APE) has been on the rise since hitting a new all-time low of $0.99 on October 9. It has seen seven consecutive bullish candlesticks, with its rate of increase accelerating today.
Apecoin’s downward movement and recovery
Previously, APE had experienced a decrease in price from its high of $6.41 on January 26. This decline was rapid and unpredictable, resulting in an 85% loss in value over a span of 256 days.
However, since reaching its all-time low, the APE price has been steadily increasing and is in the process of reclaiming the $1.10 horizontal support area.
Large whale accounts buying APE tokens
Notably, several large whale accounts have been accumulating significant amounts of APE tokens. For example, Machi Big Brother has purchased $7.43 worth of APE since August 12 and withdrew 2.5 million APE tokens from Binance.
In addition, another unidentified whale address recently withdrew 1.37 million APE tokens from Binance. The substantial volume of these transactions suggests heavy accumulation whenever the price approaches the $1 range.
However, it’s important to mention that the APE Foundation plans to release 15.6 million new tokens on October 17, increasing the current supply by over 4%.
APE price prediction and potential bottom
Market traders often use the RSI (Relative Strength Index) as a momentum indicator to identify overbought or oversold conditions and make decisions about buying or selling assets.
The daily RSI for APE supports the possibility that the price has bottomed out. This is due to a bullish divergence accompanied by an increase in momentum during a price decrease. Additionally, the RSI has moved out of oversold territory, indicating a potential bullish trend reversal.
If the RSI moves above 50, it will confirm the bullish reversal, with resistance levels at $1.30 and $2.05 being the next targets.
However, if the price closes below the $1.05 horizontal area, the bullish reversal will be invalidated. In that case, a Fib retracement will be necessary to determine the next potential bottom area. The 1.61 external retracement of the previous bounce is at $0.91, which could act as a bottom if a bearish reversal occurs.
Hot Take: Apecoin’s Recovery Indicates Potential for Growth
The recent rebound in Apecoin’s price after reaching an all-time low suggests that there is potential for growth in the cryptocurrency. Large whale accounts accumulating APE tokens and the upcoming token release by the APE Foundation further contribute to this positive outlook. However, it’s important to monitor key resistance levels and the RSI to confirm the bullish trend reversal. If the price can break through these levels, it may reach new heights in the future.
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