ApeCoin (APEUSD) Seeks To Sell Orders In The Premium Zone
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APEUSD Analysis: Price Seeks Sell Orders In The Premium Zone
The APEUSD market is currently scavenging sell orders at a premium. Once enough sell orders are gathered, the bearishness of the market should hold.
APEUSD Significant Zones
Demand Zones: $2.610, $1.320
Supply Zones: $5.250, $10.210
On May 9, 2022, a massive crash ensued, and since then, the market has been dominated to a great extent by the bears. One other factor that ensured the continuation of the downtrend was the bearish order block that emerged after a downward price delivery on May 24, 2022. A mid-term low was reached at $3.050 on June 15, 2022. This mid-term low was later invalidated weeks later as APEUSD descended alongside the major trendline.
With the $5.250 and $2.610 price levels as the current trading range, the price seems to be showing signs of a short-term rally at the premium. As price consolidates at these levels, the 61.80% and 78.60% Fibonacci retracement levels appear to be preventing further rallying. The selling pressure overwhelmed the market due to the trendline, which acts as a diagonal resistance for the APEUSD. The breach of the major trendline is a result of a buy-side liquidity grab. This was required to shift the market’s order flow to the downside.
Market Expectation
The four-hour bearish order block is most likely going to cause the market to crash downward and eventually break the $3.750 swing low. Once the swing low is broken, more APEUSD sellers might storm the market due to the change in character to the downside.
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