ApeCoin (APEUSD) Retraces As Price Courses Through A Downward Channel
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APEUSD Analysis – Market Retraces As Price Courses Through A Downward Channel
APEUSD retraces as price courses through a downward channel. The downsloping channel began after the retraction of the price at the $4.750 resistance. Due to the high selling pressure, the RSI (Relative Strength Index) remained below the 50.0 level. However, a bullish retracement is ongoing as ApeCoin price heads toward the upper boundary of the downward channel.
APEUSD Significant Zones
Demand Zones: $1.060, $0.700
Supply Zones: $2.610, $4.750
The price of APEUSD dropped in fractals from the $4.750 resistance. This sudden drop in April 2023 marked the commencement of the downward channel. APEUSD declined along the downsloping channel until the $2.610 support became invalid with a bearish marubuzu candlestick. The downtrend continued in fractals as price algorithmically filled buy orders at subsequent premium zones. A new swing high formed after the breakout at $2.420, after which a lower high formed at $2.330.
The $2.330 high formed as the price respected a bearish order block at the trading range’s premium zone. Similarly, APEUSD resumed its downtrend in August 2023 after a return to a bearish order block at the premium zone. Notably, the resumption of the downtrend occurred after a buy-side liquidity sweep above the $2.050 high. The downtrend’s resumption dragged the price of ApeCoin further into the discount zone until reaching the oversold region. APEUSD remained oversold for almost a month before a sudden retracement to the upside last week.
Market Expectation
Following the indication of a bullish divergence with the RSI last month, APEUSD flipped bullish. The resulting uptrend led to a change in the character of the price on the four-hour chart. Currently, the market’s direction is downward, as prices are expected to return to the discount zone before the uptrend continues.
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