ApeCoin (APEUSD) Experiences Increased Buying Pressure as Bearish Trend Halts

APEUSD Analysis: The Market Faces More Buying Pressure As The Bearish Move Stops

APEUSD faces more buying pressure as the bearish move stops. The market has been bearish for a very long time. There has been a sell signal from the MA Cross since the beginning of May 2023. Since the bounce off the $1.810 support, APEUSD has been reluctant to continue being bearish. The ongoing correction phase will likely take a while before the bearish trend resumes.

APEUSD Significant Zones
Demand Zones: $1.810, $1.520
Supply Zones: $2.610, $3.820

After the correction phase that ensued due to the buying pressure at the previous support of $3.820, a bearish divergence occurred. The bearish divergence occurred as APEUSD created a lower high at $4.750 relative to the preceding high at $4.860. Concurrently, a higher high formed on the Relative Strength Index (RSI). This divergence indicated that the bearish trend was very likely to continue for a while. As indicated, the market has since been bearish while breaking all support levels so easily.

At $1.810 support, APEUSD eventually faced overwhelming buying pressure. As APEUSD faces more buying pressure despite the presence of the bears, the price consolidates within a triangle pattern. After the grab of sell-side liquidity at the $1.910 short-term low, the price will likely surge upward. The surge is likely to happen due to the buying pressure at the $1.810 support level and the bullish divergence indication. However, the bearish trend might resume should the price find it difficult to break the $2.610 resistance.

Market Expectation

On the four-hour chart, APEUSD is already oversold according to the RSI indicator. Moreover, the price is currently reacting to the four-hour bullish order block. Owing to this buying pressure, a massive expansion is expected to happen until the $2.330 swing high is invalidated.