ApeCoin (APEUSD) Demonstrates Resilience as RSI Forms a Higher Low
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APEUSD Analysis: The Market Reveals Strength as RSI Forms Higher Low
APEUSD finally shows signs of strength as the RSI (Relative Strength Index) creates a higher low. In the course of the series of declines, APEUSD shows signs of strength as it approaches the $0.8700 demand zone. The indication of the RSI shows that the bulls are beginning to enter the market as APEUSD becomes oversold.
APEUSD Significant Zones
Demand Zones: $1.5580, $0.8700
Supply Zones: $3.3700, $6.4200
One of the signs of strength is the higher low created by the RSI while prices keep declining. After a series of declines since the beginning of the year, the RSI is indicating an oversold signal for the third time. The first indication of the oversold signal was in May 2023. The price hit the previous support of $3.3700 and broke it. Rather than the emergence of an upswing, APEUSD crashed much further to the downside. The failure swing created in February 2023 caused more pessimism in the market.
More APEUSD buyers exited the market, thereby enabling the bears to quickly dominate. The price flipped bearish as the market’s environment became a downtrend. More breaks in structure to the downside confirmed the market’s order flow. Since the inception of the overall downtrend in January 2023, a swing high has not been invalidated on the daily chart. The signs of strength in APEUSD at the current oversold region are likely to cause a massive expansion to the upside. The expansion might be capable of invalidating the previous high of $2.5300.
Market Expectation
APEUSD is declining alongside a falling trendline on the four-hour chart. However, as the price approaches the $1.5580 demand zone, a change of character to the upside becomes probable.
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