• APE coin saw a 20% loss during February due to price consolidation.
• Bulls have defended the 23.6% Fib level ($4.932) throughout the month, causing it to consolidate within 23.6% and 78.6% Fib levels.
• On-chain metrics indicate increased whale activity and a positive investor outlook, hinting at possible recovery if the 23.60% Fib level holds.
APE Price Consolidation
APE’s price consolidation in February saw it shed 20% of its value, falling from $6.2 to $5. However, bulls have defended the 23.60% Fib level ($4.932) four times in February, which has caused APE to consolidate within 23.6% ($4.932) and 78.6% ($6.004) Fib levels in the past four weeks.
Price Recovery Imminent?
If bulls manage to defend the support for one more time, APE’s price could be pushed towards 61.8% Fib level ($5677). To gain leverage they must clear 38/2 %Fib level($521), 50 % FIB($544) and 61/8 % FIB($577). The next significant resistance will be 78/6 % FIB($604). On the other hand bears can sink APE below 23/60 %FIB(492) if bulls fail to defend this support line and look for shorting yields at 475 or 447 respectively .
On-Chain Metrics Suggest Bullish Sentiment
According to Santiment’s on-chain data, APE recorded significant whale activity transacting above $100k .This increased whale transactions could increase APE value and inflict a recovery .Moreover weighted sentiment has sharply increased on positive side suggesting investors are bullish about this asset .In addition 90 day Mean Coin Age is showing network wide accumulation of Apecoin tokens which indicates an increased movement of APE tokens between addresses .
RSI Indicates Bearish Sentiment
The Relative Strength Index (RSI), however tipped balance in favor of bears hovering below 50 mark in past few days but on chain metrics suggest bullish sentiment which could boost bulls again if they manage to defend the support line successfully..
Disclaimer.
The information presented does not constitute financial, investment, trading ,or other types advice and is solely writer’s opinion