ApeCoin (APEUSD) Bearish Trend Looms as Retracement Surface
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Market Analysis: Bearish Trend Looms as Retracement Surface
In late January 2024, APEUSD embarked on a robust bull run as buyers displaced sellers. The momentum carried the price to remarkable heights, reaching a significant supply level of $2.420 in March 2024. It was at this juncture that the bullish momentum encountered formidable resistance, halting its upward progression.
APEUSD Key Levels
Demand Levels: $1.270, $0.800
Supply Levels:$1.900, $2.420
As the market reaches the $2.420 level, the formation of a classic head and shoulders reversal pattern becomes evident, signaling a potential change in the market’s direction. This now led to a subsequent downturn with the price breaching the key $1.270 demand level.
After breaching through 1.270 demand level price failed to form a lower low resulting in a failure signalling the end of the bearish trend. The RSI showed price departing from the oversold territory of 30.0, traditionally interpreted as a precursor to potential bullish momentum. However, this anticipated ascent is expected to be a corrective pullback necessary to challenge the liquidity above the $1.270 level.
Market Expectation
As the price approaches the liquidity zone, it is expected to trigger the order block leading to a potential significant bearish reversal. Market sentiment indicated that, should this occur, it could lead to a dramatic price drop, potentially breaching the $0.800 demand level.
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