The APE/USDT pair is up 3.18% today as the bulls aim to overcome Tuesday’s setback and fulfil bullish Apecoin price predictions, which came into the market following Monday’s strong showing. The pair had risen 15.81% on Monday but stalled at the 7.4535 price mark.
Perhaps the fundamental trigger for price action is whales’ ongoing accumulation of the token ahead of the Ape Fest 2022 event. This event is scheduled for 20 June, and attendance will require tickets which must be verified via the Tokenproof application.
Tokenproof is an authentication app which requires access via wallets that store two Apecoin NFTs. The partnership between Apecoin and Tokenproof will enable the former to issue tickets for the event and verify ownership of those tickets. WhaleStats indicates that whales on the Ethereum blockchain are turning their attention to NFT tokens.
A recent purchase tracked by this crypto analytics platform was for $3m worth of Apecoins. The ongoing demand and accumulation ahead of Ape Fest 2022 has pushed Apecoin to the list of top 10 cryptos held by whales on the Ethereum blockchain. This may partly explain the recent price appreciation seen in the APE/USDT pair.
The price action has broken out of the pennant, but the resulting intraday uptick has stalled at the 7.0036 price mark. A further advance on the APE/USDT pair requires the bulls to uncap this barrier and the 7.4535 resistance (30 May high). This move completes the pennant’s breakout move. However, a price advance above 7.4535 opens the door toward the 8.3318 price mark (19-22 May highs). 9.4520 (11 May high) is the next target in line for the bulls before 10.7140 (8 April low) comes into the picture.
Conversely, rejection at the 7.0036 resistance could enable the bears to initiate a pullback that targets the 6.4031 price support. Finally, 6.0211 (29 May low) represents another potential support mark, and only when this support is degraded will 5.6659 enter the mix as a potential harvest point for the bears further south.
This post was last modified on %s = human-readable time difference 16:28