ApeCoin (APEUSD) Declines Further as Price Returns From the Daily Bearish Order Block
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APEUSD Analysis: Market Declines Further As Price Returns From Daily Bearish Order Block
APEUSD declines further as the price returns from the daily bearish order block. The market has typically been under selling pressure for a long time. The market decline occurred in response to the RSI (Relative Strength Index) signal in late January 2023 which indicated the market was overbought. APEUSD has since been declining in fractals as more bears enter the market.
APEUSD Significant Zones
Demand Zones: $1.810, $1.200
Supply Zones: $2.610, 3.820
APEUSD began to decline algorithmically under pressure after the last overbought indication of the RSI in late January 2023. Following the indication, the price headed downward to breach the previous support at $3.820. After breaching the previous $3.820 support, the price expanded upward until a rejection block formed at the lower low. After the formation of the rejection block, the price retraced to hit the $3.820 previous support to return into the rejection block. As a result of the bearish pressure at the rejection block, APEUSD crashed massively.
The massive crash eventually caused an invalidation of the previous $3.820 support as the price sank rapidly into the discount zone. Algorithmically, prices reacted at premium arrays to continue declining. After the bounce off the diagonal support in mid-June, APEUSD surged into an FVG (Fair Value Gap). The buying pressure at the $1.810 support seems to be strongly opposing a further decline. However, the reaction of the price toward the daily bearish order block might end the ongoing consolidation phase. Consequently, coupled with the market’s overall direction, the resumption of the decline is highly probable.
Market Expectation
On the four-hour chart, APEUSD is currently bearish. As the price leaves the overbought region, the market has been crashing rapidly to the downside. The decline is expected to continue until the price reaches the psychological level of $1.200.
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