ApeCoin (APE) Whales Are Still Not Convinced, Can APE Surge More 53% In October?

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

ApeCoin (APE) has seen a remarkable 63.86% price surge over the last seven days, but a concerning trend has emerged among major APE holders.

According to data from IntoTheBlock, the number of wallets holding between 1 million and 10 million APE has been consistently dropping since October 19. This decline hints at a lack of confidence or interest from APE whales in the recent rally.

As we follow APE's price movements, it's interesting to note the significance of tracking whale activity in the crypto market. Often, the buying and selling patterns of large holders, known as "whales," can influence price trends and market sentiment.

In the case of APE, the decreasing number of wallets holding substantial amounts of APE may indicate a slower accumulation activity from whales, despite the recent price gains. This could impact the sustainability of the current APE rally.

A quick glance at the DMI chart for APE reveals three essential components: the ADX (yellow), the +DI (blue), and the -DI (red). The ADX value, which stands at 22.91 at the time of writing, is used to gauge the strength of the trend.

In this case, the ADX falls below the 25 threshold, suggesting that APE's recent uptrend lacks the momentum to be classified as strong. This observation aligns with our earlier analysis, which highlighted a flattening trend in APE's shorter-term EMA lines on the price chart.

However, the interplay between the +DI and -DI on the DMI chart offers some bullish insights. The +DI (blue) is currently higher than the -DI (red), indicating that buying pressure is dominating selling pressure.

This bullish directional movement aligns with our earlier analysis, which showed that APE is trading above the shorter-term EMA lines on the price chart, suggesting bullish momentum. Together, these observations suggest that buying pressure is currently stronger than selling pressure.

Finally, a look at the key resistance and support levels for APE reveals crucial price points that could influence its short-term movements. On the upside, if APE manages to break through the first resistance level of $1.47, it could set the stage for a potential test of the second resistance at $1.82, marking a possible 53% price growth from current levels.

On the downside, strong support is evident at $1.12, followed by another support zone at $0.94. If APE encounters selling pressure and pulls back, these support levels could help maintain stability and prevent a deeper correction, which is crucial for preserving recent gains.