ApeCoin (APEUSD) Indicates Bullishness with Consolidation at $1.060
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APEUSD Analysis – Market Shows Signs Of Bullishness As Price Consolidates At $1.060 Support
APEUSD indicates bullishness as the price consolidates at $1.060 support. While the overall trend of the market is still bearish, the market poses an upward move as it consolidates at $1.060 support. Also, according to the RSI (Relative Strength Index), the APE/USD market is already oversold. Owing to the oversold indication, a bullish retracement or complete reversal might occur.
APEUSD Significant Zones
Demand Zones: $1.060, $0.580
Supply Zones: $2.610, $4.750
The emerging downtrend from the premium zone brought the price to $3.630. At the $3.630 price level, a low was formed as APEUSD made a bullish retracement due to the oversold state of the market. According to the RSI indicator, a recovery phase has set in, causing a pullback to the upside. The pullback ended at $4.860, after which a lower low formed at $4.750. The downtrend resumed afterward, and APEUSD declined with increasing momentum, breaking all support levels to the downside.
The major swing low of $3.630 was invalidated as the intensity of the bearish move increased. Further decline brought the price below the $2.610 previous support as a bearish marubozu candlestick formed in the process. After the breakout below the $2.610 previous support, APEUSD converged within a bearish channel. At first, a high formed at $2.420, after which another high formed at $2.330. At this moment, a pullback to the upside is likely, as the RSI indicator shows that the market is extremely oversold.
Market Expectation
The previous trading range of APEUSD on the four-hour chart was broken at the beginning of this month. This happened as the selling pressure overwhelmed the market in the premium zone. However, the market’s direction is now set to flip bullish as CHoCH (Change of Character) occurred after a bounce off the $1.060 support.
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