ApeCoin (APEUSD) Expands Upward Following An Upward Correction After An Aggressive Decline
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APEUSD Analysis: Price Expands Upward Following An Upward Correction After An Aggressive Decline
APEUSD expands upward following an upward correction after an aggressive decline. The market appears to be starting a new trend to the upside. However, this trend to the upside might not exceed the swing high of $4.750. This is because the overall trend of the market is bearish.
APEUSD Significant Zones
Demand Zones: $3.250, $2.610
Supply Zones: $4.750, $6.420
On September 21, 2022, APEUSD began to decline from the $6.420 resistance. The swing high created at $6.420 is a long-term high, as the price took over three months to recover. All supports broke as the bulls exited the market until hitting major support at $2.610. The last candlestick into the major support of $2.610 indicated the presence of the bulls as they stormed the market. The price expanded in fractals while also retracing downward at some premium arrays. As the price continued upward, a double top formed at the long-term high of $6.420.
From the double top at the $6.420 resistance, another downturn began. This downtrend is currently ongoing on a daily timeframe. This is because the market structure is yet to shift to the upside. At $4.750, APEUSD experienced a further drop, thereby breaking the market structure to the downside. A similar event also occurred at $3.630 on May 6, 2023. However, the BMS (Break in Market Structure) happened as the price ran through the sell-side liquidity below the equal lows at $3.820.
Market Expectation
On the four-hour chart, the RSI (Relative Strength Index) has already flipped bullish. APEUSD is also expanding in fractals to the upside. This bullish trend came after the $3.250 resistance was breached. The ongoing upward correction is expected to end at the premium zone without breaking the $4.750 resistance.
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