ApeCoin (APEUSD) Heads Downward After A Short-term Rally
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
APEUSD Analysis: Price Heads Downward After A Short-Term Rally
APEUSD heads downward after a short-term rally. Amidst the market’s motive to remain bearish, the bulls succeeded in driving the market to the upside after a sell-side liquidity grab at the local low.
APEUSD Significant Zones
Demand Zones: 3.250, 2.610
Supply Zones: 7.740, 5.250
In November 2022, the market formed a bottom after a period of consolidation as the bulls accumulated ApeCoin for markup. Price surged to the upside afterward and made a retracement downward after hitting the diagonal resistance. The retracement to the downside was terminated at the bullish order block formed during the markup. After the market’s move along with the daily bullish order block, APEUSD continued to rally, leading to the breakout from the diagonal resistance. The bulls remained optimistic toward ApeCoin until the premium was reached. Since the optimal trade entry has now been reached in the premium, the bulls might begin to exit the market in favor of the bears.
On August 6, 2022, APEUSD attained a local high, which marked the beginning of its downtrend. A falling trendline emerged, and the price was restricted from any notable rally until January 2023. According to the Relative Strength Index (RSI), between mid-August and December 2022, the market spent most of its time below the 50.0 level. After the liquidity grab in November 2022, a huge buying pressure overwhelmed the market, and ApeCoin began to appreciate. As of now, the market is currently in an overbought region, and a downward retracement or reversal is therefore looming.
Market Expectation
On the four-hour chart, the market structure has been shifted to the downside. The market structure shift (MSS) occurred after a bearish divergence was signaled by the RSI indicator. APEUSD is to create a short-term high and resume the downward trend afterward.
How To Buy Lucky Block
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
