ApeCoin (APEUSD) Sinks Lower As Price Fails To Create A Higher High
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APEUSD Analysis: Market Sinks Lower As Price Fails To Create A Higher High
APEUSD sinks lower as the price fails to create a higher high. The ongoing decline began after the price was rejected at the $6.400 supply level. The price is currently heading downward as it leaves the oversold state, according to the Stochastic Oscillator indicator.
APEUSD Significant Zones
Demand Zones: $3.630, $2.610
Supply Zones: $4.500, $6.400
With the Stochastic Oscillator indicating that the market is just leaving the overbought state, prices are to keep declining. Following the creation of the swing high at $5.250 in the premium, a crash occurred. Five consecutive marubozu candlesticks brought the market down the hill before a consolidation phase ensued. The consolidation phase ensued because of the opposing buying pressure at the discount level. Moreover, APEUSD was in an oversold state according to the Stochastic indicator. The consolidation ended in fifteen days as the bulls stopped accumulating APE tokens.
After a markup toward the $4.500 resistance, a correction followed, thereby causing a recovery from the overbought region. As the price breached the $3.630 demand level, the Stochastic Oscillator also breached the 20.0 level. This indicated that ApeCoin had sold enough, and the uptrend should continue. The uptrend continued into the $0.400 supply zone. The creation of a lower high at $5.960 signaled the inability of the uptrend to continue. APEUSD is likely to keep sinking lower until the oversold state reaches.
Market Expectation
Following the rally from the swing low of $1.820, a change of character occurred on the four-hour chart. The struggle at the $4.500 resistance is to cause a massive crash sufficient to invalidate the $4.180 previous low.
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