ApeCoin Bounces Back from All-Time Lows on Big Whale Support

$APE jumps back above the key resistance line as memecoins rise again.

Apecoin sitting on stable ground. Bored Ape showing peace sign.
Created by Kornelija Poderskytė from DailyCoin
  • Primate embossed Memecoin $APE scratches up 13% gains, holding above $2.
  • LookOnChain whale tracker digs into Machi Big Brother’s on-chain moves.
  • Pro crypto chart analyst forecasts another bullish impulse for $APE.

Apecoin (APE) jumped above the $2 key resistance line for the second time in a week, but this time stood its ground. $APE hit its rock bottom on August 1st, 2023, 13 days ago. The all-time low was set at $1.77, followed by a bumpy rebound round before being rejected at $2.01.

Facing resistance from the crypto bears at the $2 resistance line since July 2023, $APE traded in phased consolidation for the past week, gearing up to retry the crucial resistance on August 12th, 2023. At press time, the #59 ranked Apecoin is changing hands at $2.08, according to CoinGecko

The 13% weekly gains for Apecoin DAO’s native coin come in a confirmed falling wedge breakout, explained by professional crypto charts analyst World Of Charts on X.

Massive Whale Spotted Racking Up APE

While the live on-chain signals point to a slight 2.57% drop in large transactions and neutral concentration, some of the largest $APE whales have been making big moves since the beginning of August. According to crypto investor behavior analytics firm LookOnChain, popular NFT collector Machi Big Brother has accumulated $APE since August 2nd, 2023.

However, the famed crypto aficionado also cashed out 1.14M $APE, equalling $2.32M in the early hours of August 14th, 2023. Blockchain records show Machi Big Brother has withdrawn $3 million worth of ApeCoin since the beginning of August’s buying spree.

Machi Big Brother declared, “We will manifest destiny” in a post on X about the recently proposed AIP idea to ApeCoin DAO. An Automatic Investment Plan (AIP) would significantly help to maintain ApeCoin’s market price, as $APE still holds value for the Bored Ape Yacht Club members, notably powering Yuga Labs’ Otherside by Otherdeed game.

On the Flipside

  • Apecoin’s forthcoming token unlock event on August 16th, 2023, could challenge $APE price recovery efforts.
  • The scheduled token unlock is bound to pour 15.6 million $APE into circulation, summing up to 4.23% of circulation.

Why This Matters

Cryptocurrencies with multiple utility cases tend to survive bear cycles easier, while the rebound efforts largely depend on the community behind the crypto.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.