ApeCoin (APEUSD) Resumes Uptrend As The Last Impulse Wave Begins
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APEUSD Analysis: The Market Resumes its Uptrend as the Last Impulse Wave Begins
APEUSD resumes its uptrend as the last impulse wave begins. According to the Stochastic indicator, the market needs to either retrace upward or reverse completely. However, the diagonal resistance will likely be broken as the price heads upward.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $6.400, $7.700
Aside from the market returning from the bullish order block, the price grabbed the sell-side liquidity below the previous low. As an aggressive expansion looms, the diagonal resistance across the recent highs might get broken. According to the MA Cross, the MA Period 18 has crossed the MA Period 40 to the downside. However, due to the buying pressure in the current price zone, APEUSD might surge upward against the bears. Moreover, the price is unwilling to continue downward, as it took longer to reach the $4.500 support.
It took a month to move from the $6.400 resistance to the $4.500 support. Whereas the price only used nine days to reach the $6.400 resistance from the $4.500 support. The longer time taken shows the drastic decrease in momentum and the affinity for prices to continue to the upside. As the price sets to commence the last impulse wave, the bullish marubozu candlestick that formed on March 3, 2023, shows that the bulls are ready to storm the market. With the price bouncing off at the 50.0% Fibonacci retracement level, APEUSD might expand aggressively, invalidating the diagonal resistance.
Market Expectation
While the market is bearish on the four-hour chart, the price is already at a discount, and a reversal is imminent. APEUSD appears set to reverse as the bulls aim for the weak $5.300 high.
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