ApeCoin (APEUSD) May Quit Its Bullish Breakthrough
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Market Analysis: ApeCoin buyers are missing out
ApeCoin (APEUSD) may quit its bullish breakthrough. The recent market activity surrounding APEUSD has left buyers feeling uncertain and hesitant. As the new week begins, there has been a noticeable lack of buying activity. This has resulted in a reversal of the bullish momentum that had been building. The crypto price opened the market by attempting to break through the significant zone at $1.7750 but found itself being repelled. This rejection has put a pause in the upward trajectory of ApeCoin. As a result, it has left traders eagerly waiting for a breakthrough against the prevailing sell action.
ApeCoin (APEUSD) Key Levels
Resistance Levels: $5.1870, $4.0930
Support Levels: $3.3590, $2.5200
The Bollinger Band indicator has been indicating a compression stage since last week. Traders, therefore, have been anticipating a breakout that would signal a shift in market sentiment. However, the current sluggishness in buyer activity suggests caution is needed. This implies the possibility that the breakout could result in a sell-off. The price cycle of ApeCoin throughout this year has been dominated by selling pressure.
The bears have held firm, refusing to relinquish control. This tenacity has presented a significant challenge for buyers, making it difficult for them to regain control of the market. Looking back to May, the bears have consistently pushed the price below the significant level of $4.0000. Since then, APEUSD has steadily lost value, eventually reaching the key zone of $1.0000. However, it is worth mentioning that the token price has managed to hold above the parity level thus far.
Market Expectation
Buyers are also eagerly anticipating a trading price above the significant level of $2.0000. Unfortunately, the confidence exhibited by buyers this week is not yet strong enough to provide solid confirmation of a sustained bullish trend.
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