Apecoin (APE/USD) Attempts a Bullish Reversal
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Market Analysis: October 25
Apecoin attempts a bullish reversal from the demand level of $1.2600. Apecoin bear trend is threatened by the consistent appearance of upward closing daily candles since the support level of $1.2600 was tested.
Apecoin Key levels:
Demand Levels: $1.1500, $1.0500
Resistance Levels: $1.2610, $2.1000
The Moving Averages of periods 30 and 50 have successfully suppressed the price since May. Increased selling pressure was witnessed as the daily candles rose to test the Moving Averages in June and August. This led to the formation of lower highs and lows.
Apecoin made its last significant lower high at the beginning of October. The continuation of the downward trend was signaled by the Stochastic which signaled the market was oversold. A decline in price to the demand level of $1.0500 followed.
Market Expectation
Apecoin attempts a bullish reversal with a bullish attack on the previous high of $1.2610. A bullish order block rests in the discount region of the current upswing from the support level. A push above the last lower high would increase the chance of the bullish order-block success. The Moving Averages have also sunk below the daily candles which is a clear sign of market reversal. The Stochastic is currently overbought on the daily timeframe. The price is therefore expected to pull back to the order block just below $1.1500 for a retest.
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