ApeCoin (APEUSD) Price Continues to Rally In Fractals
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APEUSD Analysis: The Market Continues Upward as the Price Keeps Rallying in Fractals
APEUSD continues upward as the price keeps rallying in fractals. Following the failure swing—the failure of the price to form a lower low below the $2.600 price level—the market’s environment has been bullish. While the overall trend is bullish, it is still necessary for the price to make downward corrections in each trading range to balance inefficiencies.
APEUSD Significant Zones
Demand Zones: $3.300, $2.600
Supply Zones: $10.200, $7.700
From the $3.300 major support level in June 2022, the price rose to the $7.700 major resistance level. Price retreated to the downside with increased momentum after bouncing off the $7.700 resistance. This rapid decline of APEUSD showed the presence of a large number of bears in the market. According to the Moving Average Convergence Divergence (MACD), the price was below the zero line due to the influence of the bears in the market. As the downtrend continued, it broke the equal lows at the $4.200 price level.
Afterward, APEUSD sank deeply into an extremely oversold region below the $3.300 price level. As price left the oversold region, it expanded upward, shifting the market’s structure due to the formation of the failure swing. As the price continued to rise, it retested the mitigation block created on December 11, 2022. As of now, the current market’s trading range is defined by the $4.500 and $6.400 price levels. APEUSD might break through the previous low created at the $5.300 price level to grab sell-side liquidity.
Market Expectation
On the four-hour chart, the price is descending downward according to a diagonal resistance across its highs. APEUSD is aiming at invalidating the previous low of $5.300. After grabbing the sell-side liquidity below the $5.300 price level, APEUSD is expected to continue upward, breaking out from the diagonal resistance in the process.
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