ApeCoin (APEUSD) Struggles At Discount With Declining Bearish Momentum
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APEUSD Analysis: Market Struggles At A Discount As Selling Momentum Declines
APEUSD struggles at a discount as selling momentum declines. The market has long been bearish, as prices consistently invalidate support levels. The downtrend began after a bearish market structure shift in early March 2023. Further declines emerged as APEUSD continued in fractals until the oversold region was reached according to the RSI (Relative Strength Index).
APEUSD Significant Zones
Demand Zones: $1.350, $0.070
Supply Zones: $4.750, $6.420
The halt of the prior trend occurred at $6.420 after the indication of the overbought state by the RSI indicator. A higher-high failed to form as the price was overwhelmed by selling pressure from the premium zone. Rather than a higher high, APEUSD formed a lower high at $5.960 as a bearish order block triggered the bearish move. The market crashed in its aftermath, leading to a bearish market structure shift in favor of APEUSD buyers. On the first impulsive downswing, a low formed at $3.630 as the price made a bullish correction.
As a result of the selling orders at the $4.750 price level, the bullish retracement ended, giving rise to a further depreciation of ApeCoin’s value. Rapidly, the market crashed with no slight retracement until another low formed at $3.110. However, the ensuing retracement after the formation of the $3.110 low barely lasted for two weeks before the downtrend resumed. Alongside the falling trendline, APEUSD has crashed into the $1.350 demand zone. Coupled with the indication of the RSI, either a retracement or a complete reversal to the upside is highly probable from here.
Market Expectation
A diagonal resistance on the four-hour chart caused the price to drop below the $1.350 support. As the market entered the oversold state in the discount zone, APEUSD is expected to make a bullish expansion any moment from now.
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