ApeCoin (APEUSD) Remains Underpriced As Selling Pressure Persists
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APEUSD Analysis: The Market Remains Underpriced As The Selling Pressure Fails To Decrease
APEUSD remains underpriced as the selling pressure fails to decrease. The selling pressure began to dominate the market after a successful breakout of diagonal support. Since the slip to the downside, prices have remained positioned in favor of the bears. The market is immersed in an underpriced state. A recovery mode is likely to set in.
APEUSD Significant Zones
Demand Zones: $2.610, $1.520
Supply Zones: $6.420, $7.740
Across the previous diagonal support, the market rallied algorithmically from the demand zone of $2.610. APEUSD remained in an expansive fractal move until the fourth bounce off the diagonal support. The formation of a new higher high failed in contrast to the previous algorithm. Due to the jam-packed sell orders at the $6.420 supply zone, a lower high formed. Coincidentally, the price respected a bearish order block that formed before the conclusion of the bullish trend.
Following the creation of the lower high below the $6.420 price level, an impressive crash ensued in the bears’ favor. As signaled by the MA Cross, the downward trend began convincingly. More bears stormed the market with their sell orders, causing a rush in the close of the ongoing buy positions. Another bearish order block caused the APEUSD to dive, breaking the market’s structure downward. The BOS (Break of Structure) happened at $3.630 as the bears remained in control.
Market Expectation
On the four-hour chart, a short-term high has formed at the $2.420 price level. APEUSD might soon head upward since the market is extremely underpriced. The market should remain bullish until the $2.420 short-term high is invalidated.
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