ApeCoin (APEUSD) Buyers Find Entry At Discount As Price Leaves Oversold Region
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APEUSD Analysis: Buyers Find Entry At Discount As Price Leaves Oversold Region
APEUSD buyers find an entry at a discount as the price leaves the oversold region. Until the Fair Value Gap (FVG) was reached, the price was heading downward rapidly. The impulsive downward flow was a result of the selling pressure exerted on APEUSD from the $6.400 supply zone.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $7.700, $6.400
Before the rebuff at the $6.400 resistance, APEUSD was completely controlled by the bulls. The buying pressure came in when the price crashed into the demand zone at the $2.600 price level. Additionally, the Relative Strength Index (RSI) indicated that the price of ApeCoin is extremely low as it went below the 30.0 level. The massive crash into the demand zone at the $2.600 price level could be attributed to the sudden breakout from the consolidation phase in November 2022. The buyers stormed the market with their buy orders as the price hit $4.500.
The buy orders came in after the successful breakout from the previous support of $6.400. On February 19, 2022, a bearish order block was created at the premium during price downward delivery. Should the price make a retracement into the premium, the bearish order block will likely resist further expansion to the upside. Following the creation of the intermediate high and the bearish order block, the price crashed massively into the FVG. According to the RSI, APEUSD is leaving the oversold region, therefore an upward retracement is imminent.
Market Expectation
On the four-hour chart, the breaker block failed to cause a massive rally to the upside. However, the market bias is still bullish due to the change in character as the price broke the $4.200 old high. APEUSD buyers are expected to storm the market soon as the price breaks the previous high of $4.860.
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