- Lookonchain revealed in an X post today that Machi Big Brother purchased 2.24 million APE over the past 24 hours.
- According to the post, this particular whale has been purchasing APE everyday since 2 August 2023.
- From a technical perspective, APE was attempting to break out of a medium-term negative price channel.
Lookonchain, the on-chain monitoring platform, revealed in an X (formerly Twitter) post today that a whale has been purchasing ApeCoin (APE) regularly over the past few weeks. According to the post, Machi Big Brother has purchased APE everyday since 2 August 2023. Lookonchain also shared that the whale has purchased a total of 4.73 million APE during this period.
Most recently, Machi Big Brother spent 1,761 Ethereum (ETH), valued at $2.89 million, and 52K USD Coin (USDC) to buy 2.24 million APE. Lookonchain’s data revealed that this latest purchase was valued at $2.94 million. In addition to the large purchase, the whale withdrew 2.5 million APE, worth $4.49 million, from Binance as well, added the post.
The purchase had a positive effect on the price of APE. CoinMarketCap, the cryptocurrency market tracking website, indicated that APE was changing hands at $1.09 at press time. This was after the altcoin achieved a 24-hour gain of 1.41%. Furthermore, the cryptocurrency was trading at its 24-hour high, while its low for the same period sat at $1.06.
From a technical perspective, APE was still trading in a medium-term negative price channel. After rebounding off of the $0.977 support level over the past few days, the altcoin’s price entered into a short-term positive trend. Should this bullish momentum continue, APE may attempt to break above the $1.298 threshold in the next few days.
This is a significant price point given the fact that it was also confluent with the upper level of the aforementioned price channel that was present on APE’s daily chart. Therefore, a break above this mark could be followed by APE continuing to climb to as high as $2.210 in the following few days.
This bullish thesis could be invalidated if the cryptocurrency is unable to break above the $1.298 mark within the next week. In this scenario, APE may correct to retest the $0.977 support level.
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