ApeCoin (APEUSD) Bears Gain Control as Price Consolidation Triggers Losses
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Market Analysis – Sellers are Bent on Trading Lower
ApeCoin bears gain control as price consolidation triggers losses. APEUSD continues to experience consecutive losses as the crypto price heads lower following a period of consolidation. This consolidation phase has provided ample liquidity, resulting in an accumulation phase last month. However, both buyers and sellers have remained relatively quiet, with no major moves observed.
APEUSD Market Levels
Demand Levels: $2.8400, $2.3700
Supply Levels: $1.3200, $0.9830
In November of last year, the crypto price accumulated above the $1.3200 price level. The buyers managed to extend their influence beyond the critical level of $1.5500. However, despite the bullish efforts throughout last month, the price failed to rise above the important zone of $2.000.
As a result of the recent consolidation, the buying strength has diminished, and the sell traders are now making a strong push for a breakthrough. The sellers have demonstrated significant effort and are breaching the significant level of $1.3200. With the bears taking control after the accumulation phase, it is plausible to expect further losses for ApeCoin in the near term.
The Bollinger Band indicator clearly shows a gradual expansion towards the sell side, indicating increasing bearish pressure. Additionally, the Price Oscillator indicator is also in the negative region, further supporting the bearish sentiment.
Market Expectation
The bulls have undeniably lost the vital strength needed to make a solid push, reinforcing the notion that the bearish sentiment will likely persist for now. Traders should anticipate increased selling pressure, potentially pushing the price even closer to the $0.9800 level.
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