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.

Machi Big Brother(@machibigbrother) has been buying $APE almost every day since Aug 2, with a total of 4.73M $APE ($7.43M, the average cost is $1.57).

He spent 1,761 $ETH($2.89M) and 52K $USDC to buy 2.24M $APE($2.94M).

And withdrew 2.5M $APE($4.49M) from #Binance. pic.twitter.com/WU6F3TZN97

— Lookonchain (@lookonchain) October 17, 2023

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.

Daily chart for APE/USDT (Source: TradingView)

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.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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