Apecoin Rallies 50%, Here’s What Onchain Data and Analysts Say on Bitcoin, Ethereum, APE, MATIC Price Action

ApeCoin (APE), the native token of the Bored Apes NFT project, is up 25% since its rebound from lows of $13.73 on Apr.22.Per coinmarketcap data, APE is up nearly 50% in the past seven days, briefly hitting a record high of $17.50 on April.20.

At the time of publication, APE was trading at $16.94, pulling an impressive performance against the backdrop of major cryptocurrencies which were mostly in red. Lead cryptocurrencies, Bitcoin and Ethereum are trading down both on the daily and weekly timeframes, while total crypto market capitalization shrunk to $1.85 trillion.

APE is now the 32nd largest in terms of market capitalization while data also shows a large concentration of Apecoin whales out of the 48,570 APE holders. Speculation over an announcement on Yuga Labs’ upcoming metaverse, Otherside, was the key driver behind APE’s gains. Twitter users had speculated that Yuga would reveal more details on April 20, or on April 23- the one-year anniversary of the Bored Ape Yacht Club.

Here’s What Onchain Data and Analysts Say on Bitcoin, Ethereum, APE, MATIC Price Action

Apecoin: Cryptoanalyst Ali Martinez sees APE targeting the $20 mark, ‘‘ApeCoin | As anticipated, APE went down to $14.4-$13.7 to collect liquidity! Now we are fully loaded on APE, with stop-losses at break-even, and targeting $20”.

Ethereum: According to on-chain data, the number of addresses with a balance greater than 10,000 ETH has increased by over 4% since Mar 14. But in the past few days, 13 whales holding more than 10,000 ETH have joined the network. This may contribute to buying pressure as each of these whales has bought over $30 million in Ethereum.

Ethereum price is also correlated the number of whales with over 10,000 ETH. Historical data indicates that when whales began accumulating in September 2020, ETH rose by 1,300%. Then after they started offloading in May’21, ETH fell by 62%. Onchain data indicates that over 60 whales have joined the ETH network since Feb’22 which might suggest positivity for ETH price.

Bitcoin: According to cryptoanalyst, Ali Martinez, BTC needs to get back above $40,800 for a chance to rebound to $45,000 or even $50,000. A decisive daily close below $39,400-$38,500 might invalidate the optimistic outlook and result in a retracement to $35,000 or even $30,000 for BTC.

Polygon: In the last few days, Polygon addresses holding between 1M and 10M MATIC have added more than 60,000,000 MATIC to their holdings over the past three weeks, worth roughly $84 million. Data from WhaleStats indicate that top whales have been buying massive amounts of MATIC tokens in the last 24 hours. The most recent being that of an ethereum whale “BlueWhale0079” who bought 1,156,713 MATIC or $1,619,399 worth.

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