ApeCoin (APEUSD) Stays Bearish As Buyers Completely Leave The Market
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APEUSD Analysis – Price Stays Bearish As Buyers Completely Leave The Market
APEUSD stays bearish as buyers leave the market. Fear and doubt overwhelm the market as APEUSD buyers barely enter the market even at the $3.200 support. The ongoing downtrend came about in response to the failed swing created after the $6.420 high.
APEUSD Significant Zones
Demand Zones: $3.200, $2.830
Supply Zones: $4.750, $6.420
The rally of December 2022 was overshadowed by the downturn in late January 2023. This rally emerged due to the market’s response to a bullish order block around the $3.200 demand zone. It has been over four months since the price touched the $3.200 level. Owing to the buying pressure from the demand zone, APEUSD aggressively delivered to the upside. The bears’ presence appeared following the consolidation phase and the drastic decline in price before retesting the price of $4.750.
At $6.420, a consolidation occurred for a short time, and APEUSD jerked downward to bounce off the $4.750 price level. The MA Cross indicated it was time to sell in the third week of February. This was when the Moving Average of Period 18 crossed that of Period 40 to the downside. The change of character (CHOCH) to the downside eventually became clear on March 8, 2023. This was after the last low created in the market during the uptrend was invalidated. APEUSD remained in the trading range of $5.960 and $3.630 until May 6, 2023. The price will likely head downward until reaching the -50% Fibonacci extension level at $2.830.
Market Expectation
APEUSD just experienced a Change of Character (CHOCH) to the upside on the four-hour chart. Before the overall trend is resumed, APEUSD might head upward to break the market structure at $3.530.
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