ApeCoin (APE/USD) Resumes Bullish Trend
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Price Analysis: APEUSD Has Resumed its Bullish Trend After the Bearish Momentum Subsided
The APE/USD market has resumed its bullish trajectory following the conclusion of a bearish retracement phase. The initial bullish trend originated at the $0.460 level, marked by the formation of a reverse head-and-shoulders pattern. This pattern set the stage for a significant upward movement in price.
APEUSD Key Levels
Demand Levels: $0.880, $0.460
Supply Levels:$1.360, $1.970
The first notable bullish breakout occurred when the price decisively breached the $1.360 supply zone, establishing a strong bullish bias. This breakthrough underscored the momentum shift in favor of buyers. However, after surpassing $1.360, the market entered a bearish retracement, finding support at the $0.880 level. This level now serves as a critical low for the ongoing bullish structure.
The bullish momentum regained strength after the retracement, culminating in another bullish break of structure. Despite this, the price encountered resistance at $1.970, triggering another bearish retracement. This decline, however, is regarded as a corrective move within the broader bullish framework. The price dipped to the $1.360 level, which acted as a significant support zone, enabling the resumption of the bullish trend.
On the daily timeframe, the Moving Average indicates a bullish signal, as the price remains above the indicator. The 4-hour chart further confirms this bullish shift in market structure, signaling a buildup in momentum as the price approaches the $1.360 level once more. However, the 4-hour Relative Strength Index (RSI) reveals a temporary bearish pullback from the overbought region, suggesting a brief pause before another potential upward surge.
Market Expectation
The 4-hour trend is expected to activate the order block and breach the $1.360 level, paving the way for further upside. Once $1.360 is decisively broken, the next target lies at the $1.970 resistance level, marking a significant milestone in the ongoing bullish trend.
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