ApeCoin (APEUSD) Poised for Bullish Retracement as Selling Pressure Eases
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APEUSD Analysis: Market Sets To Make A Bullish Retracement As Selling Pressure Reduces
APEUSD is set to make a bullish retracement as selling pressure reduces. The momentum of the bearish market began to decrease as APEUSD entered the oversold region in June 2023. As of now, the current trading range lies between $2.120 and $1.350. A pullback to the upside is likely possible as the price struggles to keep declining.
APEUSD Significant Zones
Demand Zones: $1.350, $0.580
Supply Zones: $3.370, $4.750
The previous trend of APEUSD was a bullish trend before the change of environment in February 2023. The uptrend brought the price to a two-year high of $6.420. After the formation of the major high, the price crashed downward into a fair value gap of around $5.000. The market’s overall trend emerged after the formation of a lower high and a market structure shift. The market structure shift happened as the price crossed below the previous support at $4.750. At $3.630, a lower low formed after the market flipped bearish.
Following a short-term bullish retracement, APEUSD resumed its downtrend after a rejection at the $4.750 resistance. The downtrend continued progressively in fractals until the selling momentum began to decline. The decline in selling momentum was a result of the buying pressure in the oversold region. According to the RSI (Relative Strength Index), the market entered deeply into the oversold region on June 11, 2023. Owing to the indication of the market’s oversold state, a pullback to the upside is highly probable.
Market Expectation
The market is currently heading upward on the four-hour chart. The bullish expansion was followed by the inability of the price to easily bring it below the $1.350 low. For those willing to trade APEUSD, it is expected to continue skyrocketing until the premium zone of the market’s trading range is reached.
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