- 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.
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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 Blockchain records show Machi Big Brother has withdrawn $3 million worth of ApeCoin since the beginning of August’s buying spree.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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