ApeCoin (APEUSD) Anticipates Further Bearish Momentum
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Price Analysis: Market Resumes its Bearish Trend as The Bullish Retracement Comes to an End
The ongoing bearish trend in APEUSD has entered a new phase, marked by a recent bearish break of structure that highlights the strength of the downward momentum. This bearish break found initial support at the $0.570 level, where bullish buyers attempted to regain control, leading to a brief rally characterized by the formation of higher highs and higher lows. However, the bullish momentum peaked at the $0.840 supply zone, where the price encountered significant selling pressure, triggering a notable bearish reversal. This bearish turn signifies a potential shift back into a stronger downtrend.
APEUSD Key Levels
Demand Levels: $0.570, $0.450
Supply Levels:$0.840, $1.020
The preceding bullish movement is considered to be forming a bearish flag pattern, a continuation pattern that generally signals a resumption of the prevailing bearish trend. From a broader perspective, the daily Moving Average (MA) also reinforces this bearish sentiment as the price remains firmly below the MA line, which serves as a significant resistance level.
Moreover, the Relative Strength Index (RSI) on the daily timeframe has shown a steady decline, indicating weakening bullish momentum and a potential for continued downward pressure. A closer look at the 4-hour chart reveals that the price is currently rejecting a bearish order block. This rejection, coupled with the ongoing decline in the 4-hour RSI, suggests that the bears are firmly in control, setting the stage for a potential continuation of the bearish trend in the short to medium term.
Market Expectation
The price is anticipated to break below the bullish trend support, signaling a potential continuation of the prevailing bearish trend. A successful breakdown is likely to pave the way for further downside movement, with the $0.570 and $0.470 support levels expected to be breached as selling pressure intensifies.
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