ApeCoin (APEUSD) Resumes Uptrend as Price Enters Oversold Region
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APEUSD Analysis – Market Set to Resume Uptrend as Price Enters Oversold Region
As the price of APEUSD enters an oversold region, it is expected to resume its uptrend. According to the Stochastic indicator, the market is about to enter the oversold region. The market’s order flow has been bullish since the price’s reaction towards the bullish order block at around the $3.500 zone. Should the $4.500 support remain valid, APEUSD will likely keep expanding to the upside with increased momentum.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $7.700, $10.200
On August 4, 2022, the price of ApeCoin began to decline due to the selling pressure at the $7.700 level. The price continued to decline but failed to break the $4.500 support at the first attempt. A retracement to the upside happened afterward as APEUSD vroomed to hit the falling trendline. The falling trendline successfully held the price down from August to December 2022. This was even after the break and retest of the $4.500 price level.
Following the retest of the $4.500 price level, APEUSD returned to a bullish order block. The order block was created in the first week of November 2022. The reaction towards the bullish order block led to the invalidation of the $4.500 previous resistance and the falling trendline. This acted as a diagonal resistance. Presently, the rejection block at $4.760 is expected to drive the price up to continue the uptrend.
Market Expectation
On the four-hour chart, the falling trendline keeps the price from creating a higher high. Following the sell-side liquidity (SSL) grab, APEUSD is expected to surge upward, breaking the diagonal resistance in the process.
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