The price of Apecoin (APE) experienced a 6% increase on Tuesday, marking a positive trend in the cryptocurrency market. This surge in price coincided with Bitcoin maintaining its value above $28,000, following the recent volatility in the crypto market. Despite several altcoins experiencing a slowdown, APE's price remained steady above $1.12, with buyers aiming to extend the recent gains, which amounted to nearly 10% over the past week according to CoinGecko data.

One notable development contributing to APE's price increase is the consistent accumulation of Apecoin by a prominent whale investor since August. On-chain data from Lookonchain, published on Tuesday, revealed that the entity known as Machi Big Brother has been consistently accumulating APE tokens over the past couple of months. This whale investor has acquired APE tokens worth $7.43 million since August 2, accumulating a total of 4.73 million APE tokens at an average cost of $1.57 per token. In their most recent transaction, they purchased 2.24 million APE tokens, valued at $2.94 million, using 1,761 Ether (ETH) worth $2.89 million and 52,000 USDC.

Apecoin's price outlook appears promising in light of this whale's active involvement. APE/USD reached an intraday high of $1.13, representing an 11% gain since its one-week low of $1.01 at the time of writing. With APE trading above the psychologically significant $1.00 level, a positive sentiment in the broader market could potentially enable bulls to target the resistance level at $1.29. A successful breakout from this level could pave the way for a return to the mid-August highs of $2.08. This optimistic outlook is supported by the daily RSI and MACD indicators. However, it should be noted that a drop below the primary support level could disrupt short-term bullish plans.