ApeCoin (APEUSD) Sets For A Bullish Retracement As The Market Becomes Oversold
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APEUSD Analysis – Price Sets For A Bullish Retracement As The Market Becomes Oversold
APEUSD sets for a bullish retracement as the market becomes oversold. According to the RSI (Relative Strength Index), the market is in an oversold state, and a correction to the downside is highly probable. As ApeCoin price declines along the falling trendline from $4.750, the RSI barely crosses the $50.0 level to the upside. The price is consolidating as the bulls set to storm the market.
APEUSD Significant Zones
Demand Zones: $1.060, $0.580
Supply Zones: $2.610, $4.750
The ongoing downtrend appears to be coming to an end, as both Bollinger Bands (BB) and RSI indicators show that the market is oversold. Following the formation of the weak low at $1.350, APEUSD kept declining. This decline led to a long period of staying in the oversold state, according to the RSI indicator. The reaction of the market towards the $1.060 support just being hit shows that the bulls are now entering the market. APEUSD is currently consolidating due to the bullish momentum from the $1.060 support.
A breakout to the upside from the $1.060 support might mark the beginning of a new trend to the upside. About five months ago, APEUSD retracted after retesting the $4.750 resistance. This brought the market to the downside and flipped APEUSD from a bullish environment to a bearish environment. The market kept declining alongside an emerging falling trendline, which still acts as a diagonal resistance to the price. Owing to the oversold state of the market according to the indicators, a retracement or a total reversal to the upside is probable.
Market Expectation
Following the invalidation of the four-hour low at $1.350, APEUSD declined swiftly into an oversold state. According to the RSI indicator, a bullish divergence occurred, which eventually led to a change of character on the upside. The market is expected to keep expanding to the upside until the diagonal resistance is hit.
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