ApeCoin (APEUSD) Bulls Fail to Kickstart The Rally
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Market Analysis – Buyers Lack Depth to Pull Through
ApeCoin bulls fail to kickstart the rally. The cryptocurrency has experienced a setback as the bulls failed to kickstart a rally. The price of the crypto is heading down towards the significant level of 1.8230 following a change in price direction. Last week, the buyers faced resistance at the 2.150 significant level, leading to their failure.
ApeCoin Key Levels
Resistance Levels: $2.690, $2.440
Support Levels: $1.820, $1.690
The bulls have been putting in real efforts to drive the price of ApeCoin beyond the key zone of 2.150. However, they were bagged to failure as they encountered strong resistance at this significant level. Despite their determination, the bulls were unable to break through and sustain their rally.
In the month of March, the bulls made another attempt to push the price higher, but they were rejected at the 2.690 significant level. At this point, sellers quickly engaged and drove the price down towards the key level of 1.820. This indicates that sellers are gaining momentum and are likely to continue exerting downward pressure on the market.
Currently, there is a struggle between buyers and sellers in the ApeCoin market. The buyers still appear to be looking for an opportunity to regain control. Also, the sellers are ready to mobilize their strength and drive the price further down. The market is in a state of uncertainty as traders assess the balance of power between the two sides.
Market Expectation
The Moving Average Convergence and Divergence (MACD) indicator is crossing back to the sell side, indicating a potential shift in momentum. This suggests that sellers are likely to cause a deeper decline in the ApeCoin market this week. If they manage to breach through the 1.820 price zone, it could lead to further downward movement.
The buyers, on the other hand, seem to be losing strength as they have failed to kickstart another bullish run this year. Their attempts to push the price higher have been met with resistance, and they have been unable to sustain their momentum. This indicates a lack of confidence and conviction among buyers in the current market environment.
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