ApeCoin (APEUSD) Momentum Drops As Bullish Wave Ends
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APEUSD Momentum Declines As Price Completes The Bullish Motive Wave
APEUSD momentum decreases as the price concludes the bullish motive wave. The bullish wave began on November 14, 2022, following a preexisting bearish order flow. The momentum of the bullish flow is decreasing significantly as the price approaches the supply zone at $7.700.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $7.700, $10.200
Before the emergence of the bullish motive wave, APEUSD was declining algorithmically from the $7.700 price level. However, the market ceased to be bullish in August 2022 after hitting the $7.700 supply zone. The bulls had successfully driven prices aggressively to the upside in less than two months before being overtaken by the bears in August 2022. From September to the end of the year 2022, the Moving Average Convergence Divergence (MACD) was below the zero line, which indicated the bears’ dominance in the market.
On November 14, 2022, the price swerved upward as the bears exited the market due to the enormous selling pressure at the $2.600 demand zone. The bullish wave began concurrently with the rejection of price at the $2.600 demand zone. The first impulse lasted one month after it hit the previous resistance of $4,500. Price retraced downward to hit the diagonal support, thereby retracting upward to resume the bullish wave. The third impulse lasted until late January 2023 at $6.400 after breaking and retesting the $4.500 price level. The fourth impulse ended as the fifth impulse wave began from the recent daily low of $4.800.
Market Expectation
Following the Change of Character (CHOCH) to the upside on the four-hour chart, the market’s environment has been bullish. APEUSD is expected to surge higher to invalidate the double top as it heads toward the $7.700 supply zone.
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