ApeCoin (APEUSD) Sees Bullish Surge From Six-Month Low
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APEUSD Analysis: The Market Surges Upward As The Price Attains Its Six-Month Low
APEUSD surges upward as the price attains its six-month low. The market has been bearish for almost six months. The bearish move was due to the rejection of the price at the $6.420 resistance. The Moving Average flipped to the right side of the candlesticks as the bearish move began.
APEUSD Significant Zones
Demand Zones: $2.610, $1.520
Supply Zones: $6.420, $7.740
As of early February 2023, the market had already begun its new course. This followed the rejection of APEUSD at the $6.420 price level. A bullish move was ongoing before the rejection. This indicates that the APEUSD sellers seized market control at the $6.420 resistance level. Moreover, the market was typically overpriced around this $6.420 zone as the RSI (Relative Strength Index) suggested a possible decline. With almost no sign of the upward trend’s weakness, a clampdown from the $6.420 resistance occurred in a single turn.
APEUSD declined, with more bulls realizing that they are on the wrong side of the market. Following a market structure shift and a break of structure to the downside, more bulls pulled out of the market. At $3.630, a short-term low formed as the price retraced upward to hit a falling trendline. Similarly, another retracement occurred at $3.110 while the overall trend remained bearish. Recently, APEUSD made a bullish correction from the $1.960 price level, as indicated by the RSI.
Market Expectation
APEUSD is now heading upward alongside diagonal support. The diagonal support emerged as the price left the oversold state on the four-hour chart. APEUSD is expected to keep rallying until hitting major diagonal resistance.
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