• ApeCoin transfers 8.289M APE ($12M) to Wintermute OTC, fueling a 100% price surge in just 7 days.
  • ApeCoin approaches key resistance level, with potential to reach $2.71 if it breaks past current barriers.
  • Despite ApeCoin’s rally, a rejection at resistance could see the altcoin’s price dip toward $1.24.

On-chain data provided by Arkham Intelligence shows that the official ApeCoin address has transferred 8.289 million APE. The transfer is worth over $12 million and was made to Wintermute OTC, a liquidity provider. 

According to Arkham, today the official ApeCoin address has transferred 8.289 million APE to Wintermute OTC, worth more than $12 million. With the launch of ApeChain, the price of APE has risen sharply. https://t.co/NcDGIoDVGl

— Wu Blockchain (@WuBlockchain) October 22, 2024

The transaction has sparked interest, particularly given ApeCoin’s utility in the non-fungible token market. Recent changes in price further demonstrate ApeCoin’s steady rise in popularity as an ERC-20 token.

Market Performance

Recent data shows that ApeCoin has surged by more than 100% in the past week, reaching a price of around $1.51 today. The currency, which is classified as a mid-cap altcoin, has a fully diluted value of about $1.48 billion. 

Furthermore, it has a daily trading volume of roughly $1.8 billion, demonstrating its growing market effect. This growth is occurring as investor interest grows, with both individual and institutional investors contributing to the surge.

Key Technical Indicators for ApeCoin

APE is currently testing a critical falling logarithmic resistance level. The token’s community of investors and developers is playing a crucial role in its market positioning. 

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If APE can overcome this barrier, it has the potential to achieve a price of $2.71. This target aligns with the weekly 1.618 Fibonacci Extension, a crucial technical tool that traders use to predict future changes in price.

Potential Risks for APE Price

However, ApeCoin may see resistance at its current price point. In this case, the value of the alternative cryptocurrency may drop to $1.24. Analysts and traders are keeping a careful eye on these levels since the outcome will determine whether the rise continues or if a correction is likely. 

The next few trading days will be crucial in deciding ApeCoin’s short-term price trajectory. The future of ApeCoin looks promising, given the network’s rapid expansion.

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