ApeCoin (APEUSD) Enters A New Bearish Phase As Price Clears Double Bottom

APEUSD Analysis: Enters A New Bearish Phase As Price Clears Double Bottom

APEUSD enters a new bearish phase as the price clears the double bottom. After a second bounce off the $3.820 price level, the double bottom became apparent. Because of the current directional bias, it is less likely that the bulls will take control of the market. Furthermore, even after breaching the $3.630 support level, the price is likely to fall.

APEUSD Significant Zones
Demand Zones: $3.630, $2.610
Supply Zones: $4.500, $6.400

Since the rejection of the upward trend at the $6.400 resistance level, APEUSD has been falling. A few days after the $6.400 resistance was rejected, the Moving Average indicated a sell signal. A change in the market structure resulted from the price’s inability to make a higher high. As the market turned bearish, the Moving Average once again indicated a buy. More sell orders were placed as a result of the market structure change, and the price began to decline.

APEUSD was entirely bullish before the rejection that sparked the current negative trend. As the price gained momentum, it soared until it encountered the $6.400 supply zone. A hammer candlestick caused the uptrend to enter its initial phase. The hammer candlestick suggested that the market’s sellers had reached their limit and that the bulls were eager to take control.

Market Expectation

On the four-hour chart, APEUSD is also in a bearish trend. If the price moves back up, it is expected to surpass the previous high of $4.160. However, for the bearish trend to persist, the Fair Value Gap is anticipated to resist further rallying.