The price of ApeCoin (APE) has surged nearly 100% in the last seven days following the announcement of Apechain and APE’s staking program. Despite this rally, whales are not accumulating more APE, indicating a lack of confidence in the sustainability of this price increase.

The number of wallets holding between 1 million and 10 million APE has actually decreased, suggesting that the recent momentum might be driven more by hype than strong fundamentals. As APE reaches overbought conditions, the potential for a correction remains a significant risk.

Whales Are Not Accumulating APE

Despite the hype around the launch of Apechain, the number of wallets accumulating large amounts of APE is not increasing. Specifically, the count of holders with between 1 million and 10 million APE has been steadily decreasing, dropping from 175 on September 20 to 166 by October 20.

This trend indicates that big investors, often referred to as “whales,” are not yet confident enough to increase their positions.

Read more: ApeCoin (APE): Everything You Need To Know

This metric is important because whale activity often reflects broader market sentiment. When large holders accumulate, it typically signals strong confidence in the asset’s future growth potential.

Even with the recent price surge in APE, whales appear cautious, suggesting that they may not believe this rally is sustainable. Until these major players start accumulating, a continued price uptrend remains uncertain.

ApeCoin RSI Shows an Overbought State

APE’s Relative Strength Index (RSI) is currently at 78, up significantly from 35 just a few days ago. This sharp increase in RSI reflects the recent surge in buying activity, pushing APE into overbought territory.

When RSI moves into such high levels, it suggests that the asset may be overvalued in the short term. That means it could be due for a pullback.

RSI, or Relative Strength Index, is a momentum indicator used to assess whether an asset is overbought or oversold. It ranges from 0 to 100, with readings above 70 typically indicating overbought conditions and readings below 30 indicating oversold conditions.

APE’s RSI is now well above 70, combined with a lack of whale accumulation and uncertain fundamentals, which points to a possible price correction ahead. The recent rally may not be sustainable if it’s driven solely by hype, making a pullback increasingly likely.

APE Price Prediction: Will It Go Back to April Levels?

APE price is approaching its next significant resistance levels at $1.82 and $2.07, which it has not reached since late March and early April.

If APE manages to break through these resistance points, it could result in a 38% price surge. However, breaking these levels would require strong buying momentum, potentially driven by sustained interest in Apechain.

Read more: ApeCoin (APE) Price Prediction 2024/2025/2030

On the flip side, if the current hype around Apechain fades and buying strength diminishes, APE might face a downturn. The price could test key support levels at $1.10 and $0.94.

If these supports fail, APE could drop as low as $0.54, representing a potential 60% correction from the current price. The market’s reaction to upcoming developments will be crucial in determining if APE can maintain its upward trajectory or face a significant pullback.

Chainlink has announced a major AI initiative in partnership with financial institutions like Franklin Templeton, Swift, and Euroclear. The initiative aims to use AI to aggregate corporate data onto a single blockchain, creating a “golden record.”

This blockchain-based record would validate and consolidate vast amounts of data in real-time, streamlining processes and enhancing data accuracy across industries.

Chainlink’s Financial AI Experiment

In a press release shared with BeInCrypto, Chainlink announced a new AI initiative focused on corporate finance. The company has teamed up with major financial institutions like Franklin Templeton, Swift, and Euroclear to research how AI and blockchain technology can work together to improve data management and operations in the finance sector.

Read More: What Is Chainlink (LINK)?

The plan is straightforward: Chainlink aims to use its decentralized oracles alongside AI large language models (LLMs) to identify and gather key corporate actions. This data would then be recorded on blockchains, creating what Chainlink calls an “interoperable, unified golden record.”

“The combination of AI and oracles is a powerful tool for taking corporate actions data and turning it into highly reliably structured data. Turning various pieces of… data into…a definitive, single source of truth is truly a huge step forward in how financial markets deal with critical and error-prone data,” Chainlink co-founder Sergey Nazarov claimed.

Nazarov added that this record would significantly improve efficiency for individual and institutional actors all across the finance sector. Immense corporate investments have poured into AI this year, so it makes sense that these prominent financial institutions would join the experiment. Chainlink, for its part, has been making new partnerships in several areas.

Chainlink also released an in-depth study outlining their approach to creating this “golden record.” The main issue these firms aim to solve is the inconsistent quality of corporate actions data, which is often released in various formats and through non-standardized channels. Chainlink’s oracles would quickly scan and collect relevant information from these diverse sources.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

The various oracles and LLMs in this data trawling operation function in decentralized nodes that must reach consensus before passing data along. This prevents any potential data garbling, whether through faulty translation or hallucination. Chainlink’s industry-standard CCIP protocol then disseminates this aggregated blockchain record through its interoperable system.

According to Chainlink’s results, the experiment has been successful in validating, aggregating, and transmitting corporate data in real-time. Although the initiative doesn’t yet have an official name, the term “unified golden record” is mentioned repeatedly in the documents. Looking ahead, the focus will shift to standardizing the process and preparing for a broader rollout.

Ripple (XRP) price has been under considerable pressure recently, driven by bearish technical indicators and legal challenges. Despite a recent decline, some signs hint that the selling pressure could be easing, as indicated by a recovery in RSI levels.

However, XRP whales remain cautious, showing little change in their holdings, suggesting uncertainty about a strong price surge. For now, XRP’s future hinges on whether it can overcome resistance levels and gather bullish momentum.

XRP Whales Are Still Not Convinced

The number of wallets holding between 10 million and 100 million XRP has shown little fluctuation since October 9. Currently, there are 285 such wallets, and the count has remained within a narrow range of 284 to 287 over the past week.

This consistency suggests that these large holders, or “whales,” are taking a cautious stance and are not making significant moves either into or out of their positions.

Read more: Everything You Need To Know About Ripple vs SEC

This metric is crucial because whale activity often provides insights into market sentiment. Whales have the power to move markets, and their buying or selling decisions can be strong signals for upcoming trends.

The stable count of these large wallets implies that these major players are not yet convinced that XRP is ready for a significant price surge. Until whales start accumulating more aggressively, a strong upward move for XRP seems less likely.

Ripple’s DMI Shows a Potential Uptrend

Ripple’s Directional Movement Index (DMI) chart currently shows the positive directional line (D+) at 27.9, the negative directional line (D-) at 12.6, and the ADX at 15.5. The higher D+ value compared to D- suggests that buying pressure is greater than selling pressure.

However, the ADX, which measures trend strength, is at a relatively low value, indicating that the trend is weak despite the buying momentum.

The DMI is a technical indicator used to determine both the direction and strength of a trend. It consists of the D+ and D- lines, which indicate buying and selling pressures, respectively, along with the ADX, which measures the overall strength of the trend.

The current setup shows that XRP’s price has been attempting to break above key resistance levels in recent days. However, for a successful breakout to occur, the uptrend needs to gain more strength, as indicated by a rising ADX.

XRP Price Prediction: Can It Get Back to $0.66 In October?

XRP’s EMA lines currently show a bearish setting, with the long-term line positioned above the short-term lines. However, the short-term lines are trending upwards, indicating potential bullish momentum.

If the short-term EMAs manage to cross above the long-term EMA, it could ignite a strong uptrend, reversing the current bearish sentiment.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP is also facing significant resistance levels at $0.56 and $0.61. If these levels are broken, the price could climb to $0.66, which would represent a potential 20% increase.

Conversely, if the uptrend does not materialize and bearish momentum gains strength, XRP will likely test support levels at $0.52 and $0.50. This pivotal point will determine whether XRP breaks out to the upside or remains under pressure.