ApeCoin (APEUSD) Surges as Market Recovers from Oversold State
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APEUSD Analysis: Price Expands Upward As the Market Leaves the Oversold State
APEUSD surges as the market leaves the oversold state. The previous high at the $2.330 price level is prone to invalidation as the bullish momentum increases. The oversold state of the market was revealed by the Relative Strength Index (RSI). The oversold indication was revealed as the RSI crossed the 30.0 level downward on August 2, 2023.
APEUSD Significant Zones
Demand Zones: $1.720, $1.500
Supply Zones: $2.610, $4.750
Despite the overwhelming buying pressure due to the oversold state indication by the RSI, APEUSD is still in a bearish environment. A retest occurred at $4.750 resistance on April 12, 2023. Following the retest at the $4.750 resistance, a BOS (Break Of Structure) ensued to the downside. The retest at the resistance increased the pessimism in the market as more bulls exited out of panic. After the invalidation of the $3.630 low during the BOS, another low formed at the $3.110 price level.
From the retest at the $4.750 resistance, a new falling trendline emerged along the direction of the emerging bearish trend. The bearish trend continued alongside the falling trendline until the last two lows were formed at the $1.960 and $1.810 price levels. Coincidentally, the downtrend extended into the $1.720 demand zone as the RSI indicated the market is in an oversold state. Should the previous high at $2.330 get invalidated due to the buying pressure, APEUSD might flip bullish afterward.
Market Expectation
After the formation of a swing high at $2.050 on the four-hour chart, APEUSD heads into the discount zone. Just below the 79.0% retracement level, the price reversed upward as it surged to shift the market’s structure. APEUSD is expected to keep expanding upward until the premium zone is reached.
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