ApeCoin (APEUSD) Runs Into Overbought Region with Bullish Flip
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APEUSD Analysis: Price Extends Into An Overbought Region After A Bullish Flip
APEUSD extends into an overbought region after a bullish flip. Until the beginning of this year, the market’s order flow was bearish. Following the confirmation of the bullish flip to the upside, the market extended upward into the order block in an oversold region. The order block was created on August 2, 2022.
APEUSD Significant Zones
Demand Zones: $3.300, $2.600
Supply Zones: $12.900, $7.700
Before the current bullish order flow, the market’s overall trend was bearish. This bearish phase, however, ended after a failed swing on December 2, 2022. The order block lingering at the $6.400 price level had been successfully used earlier in September 2022. The old high at the $6.400 price level within the order block might get invalidated as APEUSD prepares for a retracement into a discount array around the intermediate low at the $3.300 price level.
Should the order block fail to reject the price, the market might not later retrace below the short-term low creating a few pips below the $4.600 price level. During the downward flow between August 2022 and December 2022, APEUSD was declining along with a falling trend line. After the fourth bounce off the falling trend line, APEUSD failed to create a lower low. This changes the directional bias of the market afterward. The market’s direction might remain bullish as long as the long-term high at the $2.600 price level remains protected.
Market Expectation
The market’s order flow on the four-hour chart is bullish. The price keeps breaking the market’s structure upward and invalidating every previous high. Once the $6.400 price level is breached, APEUSD will retrace downward. While also clearing the sell-side liquidity below the equal lows (EQL).
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