ApeCoin (APEUSD) Remains Bearish As Price Declines Alongside A Diagonal Resistance
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APEUSD Analysis: The Market Remains Bearish As Price Declines Alongside A Diagonal Resistance
APEUSD remains bearish as the price declines alongside a diagonal resistance. The diagonal resistance emerged as the price pulled away from the $6.400 resistance. The market’s environment is a bearish one; prices, however, are currently in a discount region.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $6.400, $7.700
The current trading range of the market lies between the support and resistance levels of $2.600 and $6.400. APEUSD is currently in a discount region as it accumulates below the equilibrium of the trading range. According to the Moving Average Convergence Divergence (MACD), prices began to decline in February 2023. This decline began as a result of the rejection at the $6.400 resistance as well as the newly emerging diagonal resistance. The diagonal resistance suppressed the buying pressure as higher highs stopped forming. The last bounce off the diagonal resistance in February 2023 caused prices to crash massively into the discount zone.
The swing low, which defined the current trading range, marked the beginning of the previous market trend. The trend began as the market absorbed a large volume of buy orders from the $2.600 support level. This was revealed by the last candlestick touching the support. A bullish hammer was created, and the price surged massively toward the previous resistance at the $4.500 price level. From the previous resistance, APEUSD returned to a daily bullish order block, which eventually caused a continuation of the uptrend. As of now, the market trend is bearish and might remain bearish until the diagonal resistance is successfully broken
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Market Expectation
APEUSD keeps creating lower highs and lower lows on the four-hour chart. The price is expected to make an upward retracement after breaking the previous low at the $3.430 price level.
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