ApeCoin (APEUSD) Enters An Oversold State As Price Fails To Flip Bullish
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APEUSD Analysis: Market Enters An Oversold State As Price Fails To Flip Bullish
ApeCoin enters an oversold state as the price fails to flip bullish. The market’s overall trend has been bearish since the beginning of 2023. According to the MA Cross, the market completely fell under the control of the bears in May 2023. However, the market’s state is currently oversold, which implies that a possible retracement to the upside is impending.
APEUSD Significant Zones
Demand Zones: $1.350, $0.580
Supply Zones: $3.370, $4.750
Following the formation of the current high of the year in the year’s first quarter, APEUSD crashed exuberantly to the downside. In a bid to form a lower low at $5.960, the price bounced off the previous $4.750 support. Following the formation of the lower high, showing the weakness of the bullish trend, the massive crash to the downside began. The downtrend continued at first massively into the oversold region, according to the RSI (Relative Strength Index).
In the oversold state, APEUSD formed a swing low at $3.60. Until May 2023, the market’s trading range was between $5.960 high and $3.60 low. On March 13, 2023, the bullish retracement ended as the price entered the equilibrium level. APEUSD has since remained significantly below the 50.0 level of the RSI, indicating that the strength of the market’s bearishness is strong. In mid-August 2023, APEUSD breached the diagonal resistance of a falling wedge only to resume the market’s downtrend into the current oversold state.
Market Expectation
On the four-hour chart, APEUSD is currently in a triangle pattern in the $1.350 demand zone. The oversold state of the market, according to the RSI indicator, is also a possible cause of the ongoing convergence. Investors takeaway; owing to the current state of the market, APEUSD is likely to break upward as it heads into the premium range.
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