ApeCoin (APE) price has surged 63.86% in the last seven days, but major holders remain skeptical. The number of wallets holding between 1 million and 10 million APE has dropped consistently since October 19.
This decline suggests that whales are not yet convinced about the sustainability of this rally. Without their confidence and participation, it may be challenging for APE to maintain its upward momentum.
APE Whales Are Still Not Convinced
APE price has been in the news after Yuga Labs announced the launching of ApeChain. However, whales don’t seem convinced.
The number of wallets holding between 1 million and 10 million APE has been consistently dropping since October 19. This indicates a lack of confidence among major holders, even with the recent upward movement in price.
Wallets holding between 1 million and 10 million APE. Source: Santiment
Tracking whale activity is crucial because they often drive significant market moves. Between October 19 and October 25, the number of APE whales dropped from 168 to 158.
This decline suggests that despite APE price recent gains, whales are not yet convinced and are not actively accumulating. Without their participation, sustaining the rally could be challenging, indicating uncertainty in APE’s current price momentum.
ApeCoin DMI Shows The Current Trend Isn’t That Strong
The DMI chart for APE shows three important components: the ADX (yellow), the +DI (blue), and the -DI (red). The ADX value is currently at 22.91, indicating a relatively weak trend.
The ADX measures the strength of the trend, with values above 25 considered a strong trend. In this case, the ADX suggests that APE’s recent uptrend lacks momentum to be classified as strong.
APE DMI. Source: TradingView
The +DI (blue) is at 30.51, which is higher than the -DI (red) at 21.10, indicating that buying pressure is currently dominating selling pressure. However, with the ADX below 25, the current upward movement might lack the force needed to continue with significant gains.
The interplay between the +DI and -DI suggests a bullish trend, but for APE’s uptrend to be sustained and stronger, the ADX would need to rise above 25, confirming a more decisive trend in the current buying momentum.
APE Price Prediction: Can APE Surge More 53% In October?
APE is currently trading above the shorter-term EMA lines, suggesting bullish momentum. However, they are beginning to flatten, which implies potential consolidation after the recent surge. This is also reinforced by the recent heavy drop in the shorter EMA line (the red one in the chart).
APE EMA Lines and Support and Resistance. Source: TradingView
Key resistance levels are marked in blue at $1.47 and $1.82. If APE is able to break the $1.47 resistance, it could test $1.82 next, marking a potential 53% price growth.
On the downside, significant support levels are at $1.12 and $0.94, highlighted in red. These support areas provide stability if the price pulls back further, but maintaining support above $1.12 would be vital for holding onto recent gains and avoiding a deeper correction.
This will be crucial to keeping APE among the most relevant altcoins in the market, as the coin has repeatedly moved in and out of the top 100 by market cap in recent months.