ApeCoin (APEUSD) Flips Bullish As Price Leaves The Oversold Region
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APEUSD Analysis: Flips Bullish As Price Leaves The Oversold Region
According to the Relative Strength Index (RSI), APEUSD flips bullish as the price leaves the oversold region. The RSI crossing the 20.0 level to the downside indicated that ApeCoin was oversold. This implies that there is a likelihood of a retracement or complete reversal anytime soon.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $6.400, $7.700
As a result, the liquidity sweeps through the relative equal lows at the $4.170 price level, creating a swing low in the $2.600 demand zone. The swing low, on November 14, 2022, is the lower boundary of the current trading range. From the swing low, APEUSD rallied inexorably in fractals until the bears stormed the market at the $6.400 supply zone. During the rally, a major swing high of $5.250 was invalidated on January 14, 2023.
The major swing high was created when APEUSD experienced a massive crash after a buy-side liquidity grab in November 2022. Based on the current trading range, APEUSD is now in the discount zone. The trading range is defined by the swing low at $2.600 and the swing high at $6.400. Following the invalidation of the low at the $4.760 price level, APEUSD dived even further to the downside into the oversold region. The market always reacts at a psychological level of $4.500. This might therefore cause a short-term decline until a higher low is formed.
Market Expectation
After the Break of Structure on March 11, 2023, APEUSD flipped bullish as the market’s environment changed on the four-hour chart. The breaker block is expected to be retested as the price creates a higher high in the new uptrend environment.
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