APEUSD Anticipates a Bearish Trend Reversal
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Price Analysis: APEUSD Indicators and Price Action Indicate a Bearish Shift
Since June, APEUSD has demonstrated a consistent trend of forming lower lows, highlighting a prevailing bearish sentiment. The recent surge above the $0.650 resistance level initially signaled a bullish turnaround. However, this positive momentum faced significant resistance at the daily order block, suggesting that the bullish phase may be ending.
APEUSD Key Levels
Demand Levels: $0.650, $0.460
Supply Levels:$0.870, $1.010
On the 4-hour timeframe, a rising wedge pattern has emerged. This pattern is a well-recognized reversal signal in technical analysis, indicating that the prevailing uptrend may be losing strength. The recent formation of this pattern on APEUSD suggests a weakening bullish trend and a potential shift toward a bearish market.
Complementing this observation, the daily Relative Strength Index (RSI) has entered the oversold territory. In this case, the RSI’s position reinforces the likelihood of a bearish trend by suggesting that the price may be overstretched on the upside and due for a correction.
Price anticipates that the $0.650 support level will be retested and potentially breached as the bearish trend progresses. Following this, the price is expected to decline further, aiming towards the $0.460 level. This projection aligns with the observed technical patterns and indicators, suggesting a significant downward movement in the near term.
Market Expectation
As the bearish trend materializes, it is projected that APEUSD will move below the daily Moving Average, further validating the bearish outlook. The Moving Average serves as a key indicator of the overall trend direction, and a price consistently trading below this level supports a bearish sentiment.
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