ApeCoin Retains a Conservative Tempo Amidst Low Volatility
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Market Analysis – Buyers Show Aggression
The price of ApeCoin has remained relatively quiet for the past few weeks, despite the buyers’ efforts to push it forward. The buyers have been making aggressive attempts to counter the dominance of the sellers. This is because the market has been experiencing depreciation since the beginning of the year.
APEUSD Key Levels
Resistance Levels: $2.800, $2.200
Support Levels: $1.500, $1.240
In December, ApeCoin showed less volatility as the price consolidated. However, the bulls were not strong enough to approach the key level of $2.000. As the new year began, the bears exerted their influence by breaking through the market level of $1.590. Throughout this month, the sellers have been able to extend their progress down to the market zone of $1.200.
The current struggle is evident as the buyers attempt to change the market setup. This has led to a serious battle, with ApeCoin also lacking a clearer sense of direction. With the buyers fighting against the sellers, the tug of war is likely to continue for a while. The Moving Average crossing indicates that the sellers are still in the flow and have not yet been pushed out.
Market Expectation
If the buyers fail to win this battle, ApeCoin is bound to fall back. Traders should anticipate the crypto price falling back to the critical level of $1.500. In this short time frame, the bulls and bears are still engaged in battle. Currently, ApeCoin lacks the volatility necessary for traders to push the price further.
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