Apecoin Skyrockets by 30% in 2 Days, Could a Bull Run Be On the Horizon?

In a month characterized by increased market volatility, Apecoin (APE) has become a battleground for bullish investors striving to prevent a drop below the crucial $1 threshold.

This tug-of-war between bullish sentiment and potential downward pressure underscores the intense market dynamics surrounding Apecoin, leaving investors on edge as they closely monitor the cryptocurrency’s price movements in this volatile November landscape.

The most recent data from the spot market indicates a determined stance from bullish traders, with orders for over 11 million APE tokens strategically placed around the current price.

Following a decline to a weekly low of $1.30 on November 21, APE has rebounded, experiencing a 30% increase to surpass $1.70. On-chain data suggests that the resilience of long-term Apecoin investors may reinvigorate the potential for APE price gains.

Apecoin Price Recovers from Record Low

On October 9, Apecoin’s price hit an all-time low, narrowly avoiding breaking below the $1 support level. However, the APE token has since increased by 40%, trading at approximately $1.45 as of November 24.

The current market conditions for APE are challenging, and recent price increases face potential risks due to bearish on-chain indicators. Over the past few months, the quantity of APE coins available on exchanges has nearly doubled to just over 50 million, potentially signaling increased buyer demand.

The combination of a decrease in active addresses and a rise in supply on exchanges suggests a pessimistic deviation, hinting at a potential decline in the meme currency’s price.

During its recent surge, APE has experienced two notable corrections marked by the 61.8% and 50% Fibonacci levels. These retracements are narrowing, indicating a bullish sign of increasing momentum and stronger buyer conviction.

In light of this, investors may consider using the 38.2% and 50% Fibonacci levels as a useful guide when placing stop-loss orders to mitigate the impact of market volatility.

Apecoin’s price is currently fluctuating between $1.063 and $1.506, signaling a volatile market. Some stability indicators include the 10-Days Moving Average at $1.410 and the 100-days Moving Average at $1.303.

However, attention should be given to resistance levels at $1.695 and $2.139, as well as support levels at $0.365 and $0.808. These levels will play a crucial role in influencing APE’s short-term price movements.

Shift in Address Dynamics

According to IntoTheBlock, a positive trend divergence is evident between long-term and short-term holder addresses for APE. Illustrated in the Addresses by Time Held chart, the count of long-term addresses has surged by 6,060 wallets since the beginning of November.

Concurrently, the Apecoin network has witnessed a decrease of 3,800 in the number of trader/short-term wallets over the same period, highlighting a significant shift in address dynamics.

The upcoming week holds considerable importance for APE investors, serving as a crucial assessment of the meme coin’s durability and its potential for further upward movements.