ApeCoin (APEUSD) Price Fails to Reach New Highs, Invalidating Previous Lows
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APEUSD Analysis: The Market Keeps Invalidating Previous Lows As The Price Fails To Soar High
APEUSD invalidates previous lows as the price fails to soar high. The hidden divergence exhibited between January and February 2023 caused a shift in the market. The market’s overall trend since then has been critically unfavorable for APEUSD buyers. However, according to the RSI (Relative Strength Index), ApeCoin will likely become oversold soon.
APEUSD Significant Zones
Demand Zone: $3.200, $2.610
Supply Zones: $4.750, $6.420
The non-stop downward trend has begun since January 2023. This was due to prices breaking out from the diagonal support across the lows into March 2023. APEUSD was experiencing a pattern of higher lows and lower highs, suggesting a decline in buying momentum. Eventually, the market was taken over by bears, catching them off guard. The market kept declining as major support levels failed to hold the price. On April 19, 2023, another breakout happened again on the downside. The breakout was due to the selling pressure from the $4.750 resistance.
Since the breakout on April 19, 2023, the decline has been more aggressive than before. As it appears, APEUSD is vehemently heading toward the old low of $2.610. The old low formed about six months ago. This was nearly three months before the ongoing downtrend began. According to the MA Cross, the price remains undoubtedly bearish. However, the RSI indicator is about to suggest a buy signal as it approaches the other region.
Market Expectation
Following the buy-side liquidity grab above the previous high, the price crashed massively downward on the four-hour chart. Should APEUSD retrace upward from here, the selling pressure from the four-hour bearish order block might overwhelm the market.
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