ApeCoin (APEUSD) Resumes Uptrend, Hits A Bullish Order Block
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APEUSD Analysis: The Market Resumes a Bullish Trend as Price Hits a Bullish Order Block
APEUSD resumes its bullish trend as the price hits a bullish order block. The bullish trend began after the rejection of the price at the $2.600 price level and the aggressive invalidation of the diagonal resistance. Should the buying pressure at the daily bullish order block overwhelm the market, APEUSD might continue upward until the swing high at $6.400 is broken.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $7.700, $10.200
The emergence of the falling trendline marked the end of the bullish order flow between June 2022 and August 2022. As the price approached the supply zone at the $7.700 level, APEUSD buyers took profits early. The price swerved downward due to selling pressure from triggered take profits. More APEUSD sellers stormed the market and caused a further dive into the oversold region. The emerging falling trendline resisted the price from expanding upward until the formation of the failure swing in December 2022.
On September 21, 2022, prices surged up to fill the Fair Value Gap (FVG) and hit the falling trendline before resuming the market’s downward trend. Similarly, on November 5, 2022, the price returned to the bearish order block to execute buy orders before continuing the bearish order flow. The current bullish trend began due to the rejection of the price at the $2.600 level. Should the effect of the bearish divergence end at the bearish order block, APEUSD might resume its bullish trend.
Market Expectation
The market’s trading range on the four-hour chart is defined by the $4.500 and the $6.400 price levels. APEUSD is expected to resume the market’s bullish trend at the 79.0% retracement level.
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