ApeCoin (APEUSD) Ascends Within a Rising Flag
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APEUSD Analysis: APEUSD Ascends Within a Rising Flag
APEUSD ascends within a rising flag. From the demand zone at the 3.250 price level, APEUSD rose with increased momentum within a rising flag. The market’s overall direction is, however, still bearish.
APEUSD Significant Zones
Demand Zones: 3.250, 2.610
Supply Zones: 5.250, 4.590
The Moving Average Period 9 shows the market is ascending within the falling flag. The recent rise in price within the rising flag is most likely a retracement, as it has been in every phase since August 2022. The market was rallying upward from the demand zone at the $2.610 price level in response to the price reaction in the oversold region. APEUSD remained bullish until the diagonal resistance was struck. The selling pressure at the supply zone of $4.590 and the diagonal resistance caused a downcast into the $3.250 demand zone. According to the Stochastic indicator, the price is heading into an overbought region, with the confluence with the diagonal support, the bears might be ready to storm the market with their sell orders.
Before the downtrend on the daily chart began, APEUSD was on a bull run from the $3.250 demand zone. In weeks, the price has been typically bullish until entering the overbought region. Now that the market has rallied within the rising flag, a breakout from either side is expected. After the breakout, the selling pressure from the major trendline and the significant zone might drive the price further down. The 3.250 and 2.610 support levels are currently weak due to the general market situation, which is bearish.
Market Expectation
The four-hour bearish order block is currently resisting the bullish flow of price. APEUSD might eventually fall aggressively due to the price’s reaction toward the bearish order block.
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