ApeCoin (APEUSD) Retraces Upward As Price Leaves The Discount
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APEUSD Analysis: The Market Retraces Upward For A Short Time As Price Leaves The Discount
APEUSD retraces upward shortly as the price leaves the discount zone. Since the breakout to the downside in April 2023, the market has been completely overwhelmed by selling pressure. As revealed by the RSI (Relative Strength Index), the APEUSD is in a discount zone. A bullish expansion is imminent, as the price needs to retrace for a while.
APEUSD Significant Zones
Demand Zones: $1.720, $1.500
Supply Zones: $2.610, $4.750
According to the Moving Averages, APEUSD collapsed as April ended. The indication was due to the bearish cross of the Moving Averages for periods 18 and 40. The downtrend continued along with a falling trendline, which emerged after a bounce off the $4.750 resistance. Since the breakout in April, the price has failed to make a significant retracement into the premium zone. Since the downtrend began, the market has barely breached the 50.0 RSI level.
The difficulty in breaking the 50.0 RSI level to the upside is due to the overwhelming selling pressure from the premium zone. On June 4, 2023, a surge into the FVG (Fair Value Gap) occurred, and a resumption of the downtrend followed just immediately. Similarly, on June 25, 2023, APEUSD also crashed further after a tap into the internal liquidity of the trading range. The falling trendline eventually broke as the price crossed over to the other side of the trendline. Following a buy-side liquidity grab above $2.100, APEUSD declined into the discount zone.
Market Expectation
On the four-hour chart, the market’s trading range is currently between $2.120 and $1.350. During the crash into the discount zone, an FVG formed around the $1.900 price level. As the market leaves the discount zone, APEUSD is expected to keep expanding upward until the FVG is reached.
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