The Price of Apecoin Plummets in Free Fall Descent
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APEUSD Analysis: Market Price continues a free fall
Apecoin price continues to fall. The Bulls appear to be completely weak to counter the persistent price fall. The previous bullish trend, which started in November, failed to push above 0.6250. The daily candles were aligned sideways for a short period to reveal the contention of the market participants. The sellers’ dominance had a failed order block.
APEUSD Key Levels
Demand Level: 1.0000, 0.5000
Supply Levels: 1.3000, 2.0000
The Moving Averages cross of periods 30 and 50 further confirmed the bearish stance in April. APE/USD market consolidated in March and April. The press of the daily candles on the Moving Averages added more selling pressure. This fostered the price to dip further. A consistent lower high and low revealed the extreme weakness of the buyers. Since April, the Moving Averages have hovered above the daily candles which shows the downward trend.
A pullback to the resistance level of 1.3000 gave the sellers more opportunity to fill in sell orders. The test of the Moving Averages when the Williams Percent Range was overbought increased the confidence to sell Apecoin. The result was obvious. The price drooled below the equal lows of 1.1000.
Market Analysis
The Williams Perception Range is oversold on the daily time frame as well as the four-hour time frame. Hence a pullback is anticipated to give an optimal trade entry. This will help prevent an early sale that can cause an unwanted drawdown.
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