ApeCoin (APEUSD) Prepares to Break From the Consolidation Phase
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Market Analysis : Price Aims to Buy-Side Liquidity
In the mid-March of 2023, ApeCoin witnessed a significant change, with the price pausing its Bearish trend as it retraces bullish creating a major low at $1.180. This reversal marked the establishment of a major support zone, setting the stage for a bullish retracement in market sentiment.
ApeCoin Key Levels
Demand Levels: $1.850, $2.320
Supply Levels:$1.180, $0.740
This positive price movement continued up until mid-March 2024, reaching a peak that coincided with the filling of the Fair Value Gap. However, the completion of the Fair Value Gap led to the resumption of the initial bearish trend, which was characterized by a prompt decline in price levels. This decline was significant enough to alter the bullish market structure, signaling a shift towards a bearish outlook.
Currently, the market is experiencing a period of consolidation as it approaches the $1.180 demand level once again, post-structural shift. Despite reaching this significant level, the price exhibits scant momentum to break below the established demand zone. This consolidation phase is particularly noteworthy as the daily Relative Strength Index (RSI) indicates that prices are close to the overbought region.
Traditionally, this would suggest an impending bearish reversal; however, in the current context, it paradoxically points to a bullish inclination. This divergence implies that there is an accumulation of liquidity above the consolidation zone, hinting at a gathering force for an upward movement toward the daily order block.
Market Expectation
As the accumulation above the consolidation zone is absorbed, it is anticipated that the market will gain the required momentum to potentially breach the consolidation phase. Should this occur, it is projected that the price will initially target the liquidity above before potentially experiencing a plunge, which could lead to a decisive breach below the $1.180 support level.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
