Are APE Whales Hesitant on This Recent Price Rally?

ApeCoin (APE) has seen a remarkable price increase of 63.86% over the past week; however, significant holders are expressing doubts. The number of wallets containing between 1 million and 10 million APE has continually decreased since October 19.

This downward trend indicates that large investors are not fully sold on the longevity of this rally. Without their assurance and involvement, APE may struggle to sustain its upward trajectory.

APE Whales Remain Skeptical

The APE price has gained attention following Yuga Labs’ announcement of the launch of ApeChain. Nonetheless, whales appear to remain unconvinced.

The count of wallets holding between 1 million and 10 million APE has been on a steady decline since October 19. This further underscores a lack of confidence among major holders, even amidst the recent price rise.

Read more: ApeCoin (APE) Price Predictions for 2024/2025/2030

Monitoring whale activity is essential due to their ability to influence significant market changes. From October 19 to October 25, the number of APE whales decreased from 168 to 158.

This reduction implies that, despite APE’s recent price increases, whales remain hesitant and are not actively accumulating. Their absence could make it difficult to sustain the current rally, raising questions about APE’s ongoing price momentum.

ApeCoin DMI Indicates a Weak Trend

The DMI chart for APE consists of three key components: the ADX (yellow), the +DI (blue), and the -DI (red). Currently, the ADX value sits at 22.91, reflecting a relatively weak trend.

The ADX indicates trend strength, with values above 25 recognized as strong. Here, the ADX suggests that APE’s recent surge lacks sufficient momentum to be categorized as robust.

The +DI (blue) is currently at 30.51, exceeding the -DI (red) at 21.10, suggesting that buying pressure is currently stronger than selling pressure. Yet, with the ADX below 25, the recent upward movement may be lacking the strength necessary to continue significant gains.

The interaction between the +DI and -DI indicates a bullish trend, but for APE’s upward movement to be sustained and intensified, the ADX must rise above 25 to confirm a more solid trend in current buying activity.

APE Price Outlook: Can APE Climb 53% in October?

At present, APE is trading above the shorter-term EMA lines, indicating bullish momentum. However, these lines are starting to level off, suggesting a possible consolidation phase following the recent surge. This sentiment is also supported by the recent sharp drop in the shorter EMA line (the red one in the chart).

Read more: ApeCoin (APE): Comprehensive Information

Significant resistance levels are denoted in blue at $1.47 and $1.82. Should APE break through the $1.47 resistance, it may target $1.82 next, representing a potential 53% price increase.

Conversely, key support levels are situated at $1.12 and $0.94, highlighted in red. These areas offer stability should the price experience a pullback, but maintaining support above $1.12 is crucial to retain recent gains and avert a deeper correction.

This will be vital for maintaining APE’s status as one of the most pertinent altcoins in the market, given that the coin has frequently fluctuated in and out of the top 100 by market capitalization in recent months.