ApeCoin (APEUSD) Makes a Third Test on the 0.5500 Demand Level
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Price Analysis: ApeCoin Bears Attempt a Breakout
ApeCoin has remained in a bearish trend since December. The price dip below the swing low at the 1.3000 support level confirmed a shift in market direction, leading to a further decline toward the 0.5500 support level.
ApeCoin Key Levels
– Demand Levels: 0.4000, 0.5500
– Supply Levels: 1.3200, 2.0700
Following the character change in December, the Smoothed Heikin Ashi candles turned red, confirming the price reversal on the daily chart. After the breakout, the market underwent a redistribution phase, facilitating additional short positions. During this phase, the price was retraced to test the Smoothed Heikin Ashi candles, further accelerating the decline of APE/USD.
The market structure continued forming lower highs and lower lows until the price reached the 0.5500 support level. Repeatedly, the price retested the Smoothed Heikin Ashi candles, providing sellers with more opportunities to establish their positions.
Market Expectation
Market ExpectationAt the 0.5500 demand level, the price has tested the support three times in the past month, indicating an aggressive attempt to break lower. The price is likely to dip further toward 0.4000. Additionally, the Hull Butterfly oscillator suggests that sellers remain in control, though their momentum has weakened near the support level.
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