Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.APE saw considerable whale activity, which could boost its recovery.has solidly secured the 23.6% Fib level throughout February. However, holders suffered 20% losses in the same period due to price consolidation. Its price fell from $6.2 to $5, but a recovery could be imminent, as suggested by on-chain metrics.
Despite the price rejection at $6.422, bulls have defended the 23.60% Fib level four times in February. As a result, APE has consolidated within 23.6% and 78.6% Fib levels in the past four weeks. If the 23.6% Fib level holds for the fifth time, bulls could push APE’s price toward the 61.8% Fib level in the next few days. But they must clear the hurdles at 38.2% Fib level and 50% Fib level to gain leverage. The next significant resistance level will be $6.004.
On the contrary, bears could sink APE below 23.6% Fib level to reinforce their market influence. If bulls fail to defend the support, bears can look for shorting yields at $4.757 or $4.472. The Relative Strength Index hovered below the 50-mark in the past few days, tipping the balance in favor of bears. However, on-chain metrics suggest bullish sentiment, which could boost the bulls.
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Source: CryptoAmb - 🏆 22. / 68 Read more »