ApeCoin (APEUSD) Bulls Drive The Price Upward Amidst The Bears’ Dominance
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APEUSD Analysis – Bulls Drive The Price Upward Amidst The Bears’ Dominance
APEUSD bulls drive the price upward amidst the bears’ dominance. The market is on the bearish side of the higher timeframe. Nevertheless, the bulls strive to drive the market upward despite the selling pressure. The ongoing expansion to the upside is likely to end soon as the price reaches the premium zone.
APEUSD Significant Zones
Demand Zones: $3.250, $2.610
Supply Zones: $4.750, $6.420
Pending the time the bearish trend began, a consolidation occurred below the $6.420 resistance. Though the consolidation was short-lived, it caused a massive crash that entered the $3.250 demand zone. The consolidation was necessary as APEUSD was set to reverse to the downside. This shows the equilibrium point of the buying and selling pressure as both bulls and bears struggle for dominance. The uptrend before the consolidation was quite energetic, as the price barely made a long retracement. While the uptrend ensued, a Fair Value Gap (FVG) formed. The FVG was filled as the price reversed downward.
According to the Moving Averages, the price did not become bearish until multiple rejections at the major trendline. The MACD (Moving Average Convergence Divergence) also crossed the zero line after the price bounced off $4.750 and swerved downward. APEUSD has been respecting the major trendline as it bounces off it. Currently, APEUSD is within the $4.750 and $3.110 price levels. As the ongoing expansion to the upside continues, the major trendline might bring it to an end. This implies that the bearish trend will likely resume as the price hits the major trendline.
Market Expectation
On the four-hour chart, the downtrend ended after the change of character (CHOCH) to the upside. However, the histogram of the MACD shows that the buying momentum is low as it gyrates along the zero line. APEUSD is expected to flip bearish soon once the bears storm the market again.
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