ApeCoin (APEUSD) Price Momentum is Still Losing Ground
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Market Analysis – ApeCoin Sellers Continue to Slide
ApeCoin (APEUSD) price momentum is still losing ground as the struggle between market traders for dominance intensifies. The bulls initiated an offensive movement last week, as the price made a U-turn above the significant level of $1.2900. However, their momentum was cut short as they failed to breach the key level of $1.5390.
APEUSD Key Levels
Resistance Levels: $1.8540, $1.5390
Support Levels: $1.2190, $0.9840
In contrast, the sell traders have shown strong dominance this year, although buyers have made attempts to correct the price at certain points. Since the beginning of the new month, the sellers have taken charge, maintaining a sell streak for the past three days. As their momentum increases, sellers may charge lower towards the significant level of $0.12900.
The Stochastic Oscillator, a technical indicator, suggests that sellers are assuming charge again. A further cross below the mid-range indicates growing selling pressure. Additionally, the Moving Average crossing has yet to spread out and dictate a strong swing. More spreading of this indicator will suggest a strong bearish continuation in the market.
Market Expectation
In this short time frame, the struggle between buyers and sellers remains. The bears are looking to brace down following the accumulation of selling pressure. The Stochastic Oscillator is in the oversold region as the price is currently accumulating strength. The struggle however remains between the market traders but sellers sellers are looking forward to more slide lower on APEUSD.
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