ApeCoin (APEUSD) Sets To Resume Downtrend As The Consolidation Phase Ends
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APEUSD Analysis: Prices Set To Resume Downtrend As The Consolidation Phase Ends
APEUSD is set to resume its downtrend as the consolidation phase ends. The selling momentum has reduced drastically since the indication of the oversold state by the Relative Strength Index (RSI). While the market is still under the control of the bears, there has been a notable drag on the bearish flow.
APEUSD Significant Zones
Demand Zones: $4.500, $2.600
Supply Zones: $6.400, $7.700
APEUSD remains in a range-bound environment. The one-month consolidation was preluded by a bearish marubozu candlestick on March 8, 2023. The market is in the fifth wave of the downtrend. Due to the early signs of reduced bearish momentum, the fifth wave will likely be truncated. Therefore, the probability of the market invalidating the 2.600 support is unlikely. However, the market’s overall trend remains bearish for now.
The downtrend began its first wave many months ago. Nevertheless, the third wave is currently the longest, as it ranged between the $7.700 resistance and the $2.600 support. Following the completion of the third wave, the price broke the previous $4.500 resistance after two trials. The breakout was due to the price’s reaction to a bullish order block of around $3.300. This bullish order block pushed APEUSD upward as the price continued rallying in fractals. As the bears prepare to storm the market again, a liquidity grab above $4.850 is likely to occur first.
Market Expectation
On the four-hour chart, the direction bias of APEUSD has been upward since the range fulfillment late last month. As it is, a downtrend might not occur until the $4.850 high is invalidated.
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