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ApeCoin price action over the past day shows signs that the bulls are back. The recent upswing sets the stage for further growth in APE.
Between March 28 and April 7, the price of ApeCoin fell by about 31% and broke through the support level at $12.28. This downtrend was reversed after the APE gained 15% on April 10, indicating the start of an uptrend.
Momentum movement often leaves the demand zone behind, and for ApeCoin price, it extends from $10.82 to $11.12. As the APE faces resistance at $12.28, a return to this support area seems likely.
As the bears pull the price of ApeCoin down into the demand zone, investors may start hoarding the token as the upside that occurs when the area is retested will be key to the upside rally. In this case, the APE will rise 10% to break the $12.28 barrier; turning this level into a support floor would open the way to $14.43, corresponding to a 30% gain.
In an optimistic scenario, the price of ApeCoin could extend its rise and reach its all-time high of $17.46.
ApeCoin’s uptrend is supported by the supply distribution chart. This index tracks the number of APE tokens owned by organizations or private investors. The number of investors holding between 100,000 and 1 million APE tokens has increased from 4 to 152 since March 10, which means an increase of 3700%.
The same trend can be observed in the next category of wallets containing from 1 to 10 million APE tokens. The number of these investors rose from 183 to 192, implying a 5% increase over the same period.
The surge in the number of whale wallets indicates that these investors are confident in a bullish price move for ApeCoin.
Regardless of ApeCoin’s bullish price prediction, a break of $10.82 would invalidate the 3-hour demand zone and open the way for further correction.
A 3-hour candle close below $9.64 would create a lower low and reverse ApeCoin’s bullish trend. In this case, the APE could crash into the $8.19 to $8.76 demand zone in search of stable support areas.
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