ApeCoin (APEUSD) Heads Upward For Retracement As The Price Hits $2.090 Support
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APEUSD Heads Upward For Retracement As The Price Hits $2.090 Support
APEUSD heads upward for a retracement as the price hits $2.090 support. The market’s downward structure was established when the structural shift occurred in February 2023. This was after a lower high formed due to the bulls’ failure to keep driving the prices upward. At $6.420, the market began to crash uncontrollably.
APEUSD Significant Zones
Demand Zones: $2.790, $2.090
Supply Zones: $3.530, $4.750
Before the downturn began at all, the market was bullish. This was around the last two months of 2022. APEUSD made a long-term low at $2.610 as the market’s upward trend began. The presence of the bears was seen at the $4.590 price level in December 2022. However, the bulls took control of the market after an intermittent retracement to the downside. The bullish trend resumed as the Stochastic Oscillator indicated that ApeCoin was already oversold.
The resumption of the bullish trend finally brought the price into an overbought region, as indicated by the Stochastic Oscillator. The $6.420 high formed, and the price began the ongoing downtrend. At $3.630, an upward retracement occurred as APEUSD reacted to a bullish order block. Diagonal support emerged to minimize the impact of the downturn. However, the diagonal support broke as a redistribution occurred around the $2.900 price level. There is an ongoing upward retracement at the major support level of $2.090, driven by buying pressure.
Market Expectation
On the four-hour chart, an upward trend has yet to emerge. However, APEUSD is currently showing a sign of weakness after hitting the $2.090 support. The price will likely expand upward into the premium zone as the Stochastic Oscillator leaves the oversold region.
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