ApeCoin (APEUSD) Is About to Take a Dive Downward
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APEUSD Analysis: The ApeCoin Market Is Ready to Plunge
APEUSD is ready to plunge once again. The market is showing a repeated pattern of lower highs and lower lows.
APEUSD Significant Zones
Supply Zones: $7.50, $6.30, $5.40
Supply Zones: $3.50, $2.80, $2.00
The market was trending from mid-June until August. The $3.50 demand level temporarily paused the downward spiral motion of the price. The Stochastic revealed that the demand level was oversold. The market took off from the oversold region. The Cross of the Moving Averages (period nine and twenty-one) guided bulls to ascend to the resistance level at $7.50. There was a change in market direction after the resistance level was reached. The bullish trend line failed to hold up the daily candles. The shift in market structure from bullish to bearish was also confirmed by the dive of the Moving Average Period 9 below the Moving Average Period 21.
A bearish channel formed on the daily chart to lead the market to lower levels. Multiple retracements to mitigation and bearish order blocks prompted a selloff. APEUSD is ready to plunge again as the market has risen to the upper end of the parallel channel. The Moving Averages have also crossed to signify a price decline.
Market Expectation
A shift in the market structure is prominent at the resistance trendline on the four-hour chart. The shorter-term confirmation is expected to cause a drop from $3.50 to $2.80.
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