ApeCoin (APEUSD) Retraces Upward To Fill The Buy-Side Inefficiency
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APEUSD Analysis: APEUSD Retraces Upward, Filling The Buy-Side Inefficiency
APEUSD retraces upward to fill the buy-side inefficiency after a short-term crash from the $4.500 supply level. The Moving Average Convergence Divergence (MACD) gave a sell signal as the price crashed from the $4.500 supply level. According to the MACD, the market’s direction is downward as it crossed the zero line to the downside.
APEUSD Significant Zones
Demand Zones: $3.630, $2.610
Supply Zones: $4.500, $6.400
A sell-side imbalance and buy-side inefficiency came about as prices crashed from the $4.500 supply level this month. The APEUSD is characterized by the algorithmic flow of its downtrend since February 2023. Before this downtrend, the market was clearly in an upward trend. From the $2.610 demand level, the upward trend ran into the $4.500 supply zone. Due to the selling pressure at the $4.500 supply zone, a retracement occurred to the downside. This retracement ended as the price of ApeCoin hit $3.250.
The $3.250 price level marked the end of the second wave and the beginning of the third wave. As the upward trend continued, the $4.500 resistance was invalidated. More sell stops were triggered as the price surged even further to invalidate the previous swing high of $5.250. Following the rebuff at the $6.400 supply level, a lower high formed. The lower high caused more ApeCoin sellers to storm the market, as the market’s structure shifted to the downside. After forming the swing low below the short-term low of $4.860, APEUSD continued its downtrend.
Market Expectation
On the four-hour chart, the trading range of APEUSD currently lies between the $4.750 and the $3.840 price levels. Before the overall trend continues, an upward retracement into the Fair Value Gap is expected.
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