ApeCoin (APEUSD) Flips Bullish As The Market Retests The $4.600 Level
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APEUSD Analysis: Price Flips Bullish As The Market Retests The $4.600 Level
APEUSD flips bullish as the market retests the $4.600 level. Following the successful breakout and retest of the $4.600 price level, the market has begun to head upward. In the same vein, the Moving Average Convergence Divergence also appears to be heading upward, indicating the bulls’ dominance in the market.
APEUSD Significant Zones
Demand Zones: $3.300, $2.600
Supply Zones: $17.600, $9.780
The bullish trend began with the rejection of the price at the major support level of $2.600. Price made a rally out of the discount in favor of the bulls. At the $4.600 price level, the market made a retracement due to the selling pressure in the bearish order block. However, the retracement ended as the price returned into another order block, which propelled it beyond the $4.600 price level. As of now, the trading range defined by the $5.650 and $3.250 price levels has been broken to the upside, thereby confirming that the APEUSD is now in an uptrend environment.
Before the recent breaks in structures to the upside, the market was in a downtrend. The massive decline in price between May and July 2022 caused many bulls to panic out of the market. However, buyers seem to be getting optimistic about the market as prices suddenly began an upward movement in fractals. Until the breakout in November 2022, the price was actively convergent within a triangle pattern. Should the price continue to expand upward, all the weak resistance below the -100% Fibonacci retracement might get broken.
Market Expectation
On the four-hour chart, the market is characterized by higher highs and higher lows. APEUSD is expected to remain bullish until the resistance level of $9.780 is reached.
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