ApeCoin price could see a massive run-up as whales continue to accumulate

ApeCoin price has shown a major technical confluence of bullish signal that forecasts that good things are bound to happen. Moreover, the crypto market shows good health, making this run-up possible.

ApeCoin price to make a bullish move

ApeCoin price has been on a downtrend since its peak at $17.46 was marked on March 18. A failed attempt set a lower high at $15.58 was witnessed and it has crashed roughly 31% since then. From April 11 to April 14, APE tried to rally again but failed due to the prevailing market conditions.

As a result, ApeCoin price went on a four-day downtrend producing lower highs. Over the last 24 hours, APE has rallied 11% and put an end to this downtrend. Interestingly, the altcoin formed a higher low between April 11 and April 19 while the Relative Strength Index (RSI) produced a higher low, indicating a hidden bullish divergence.

This technical formation suggests that the momentum is rising, hinting that the upcoming move will propel ApeCoin price higher. Therefore, investors can expect APE to rally 22% and tag the $14.43 hurdle, which is present inside the one-hour supply zone, extending from $14.23 to $15.98.

APE/USDT 4-hour chart

Supporting this uptrend forecast for ApeCoin price is the recent accumulation of whales holding 100,000 to 1,000,000 APE tokens. These wallets have increased their holdings from 3.6% to 3.9% since March 28.

This uptick in their holdings indicates that the whales have been accumulating the dip and that they are bullish on the performance of altcoin.

APE supply distribution chart

A daily candlestick close below $10.64 will invalidate the bullish thesis for ApeCoin price by producing a lower low. This move could further invite bears, triggering a 10% crash to $9.64. Here, buyers could accumulate APE at a discount, form a base give the run-up another go.