ApeCoin (APEUSD) Makes Short-Term Rally As Price Hits Previous Low
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APEUSD Analysis: Makes Short-Term Rally As Price Hits Previous Low
APEUSD makes a short-term rally as the price hits a previous low. The price of ApeCoin has been depreciating ever since its high for this year of $6.400 was created. However, a retracement to the upside looms as the price breaches the previous low at a discount. Moreover, the RSI (Relative Strength Index) has indicated that ApeCoin is now oversold and an upward correction is needed.
APEUSD Significant Zones
Demand Zones: $3.630, $2.610
Supply Zones: $4.500, $6.400`
As the year 2022 came to an end, prices experienced a reduction in buying momentum. This brought the price of ApeCoin into a correction phase. This correction phase ended as the price returned to a bullish order block that was created in the last week of November 2022. The bullish order block drove price extensively to the upside, thereby elongating the length of the uptrend. The uptrend came to a sudden halt immediately after the $6.400 resistance was hit. According to the RSI, APEUSD was overbought; it was therefore expected that a retracement or a complete reversal would emerge.
Alongside the emergence of a new market trend, a following trendline emerged. The falling trendline until today has been acting as diagonal resistance towards the price of ApeCoin. As the downtrend began, a swing low formed at the $4.760 price level. APEUSD returned afterward to the upside to bounce off the falling trendline. The continuous bounce off the falling trendline strengthens the validity of the diagonal resistance as more bears place sell orders alongside.
Market Expectation
The market keeps expanding to the downside on the four-hour chart. Following the breakout from the weak support at $3.820 and $3.250, the price goes bullish. However, the expected correction might not exceed the 62.0% Fibonacci retracement level of the range.
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