ApeCoin (APEUSD) Buyers Face Challenges
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Market Analysis – Buyers Need to Refuel
ApeCoin (APEUSD) buyers face challenges. The current analysis of ApeCoin reveals a battle between buyers and sellers. The sellers are currently rebelling and preventing an effective breakout for the bulls. While the bulls have shown some strength in the past few days, they have been unable to break the significant level of $1.9500.
APEUSD Key Levels.
Resistance Levels: $5.000, $4.000
Support Levels: $2.350, $0.950
Throughout this year, ApeCoin has been experiencing a decline in value, with sellers gaining strength at each significant key level. In May, the bears broke through the $5.000 key zone, continuing to pose a threat as they breached the $4.000 and $3.000 significant zones. By the middle of August, the sellers had successfully penetrated the $2.000 price zone, making it difficult for the buyers to recover.
However, if buyers can regain their momentum, there is a possibility of seeing a demonstration of bullish strength in 2024. Currently, the sellers are holding buyers back from breaching the $2.000 significant level. It is worth noting that the Parabolic SAR Stop and Reverse indicator has not given up. This indicates that there is still potential for a bullish gain. Additionally, the Money Flow Index indicator remains in a positive position.
Market Expectation
Once buyers have the opportunity to regain control, it could present a chance for bullish gains in the APEUSD market. On the short-term trend, the sellers now have their presence again. However, the buyers are still looking forward to a breakthrough.
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