ApeCoin (APEUSD) Turns Bullish As Previous High Breaks Off
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APEUSD Analysis: The Market Flips Bullish As The Previous High Gets Broken
APEUSD flips bullish as the previous high gets broken. Until the second week of November 2022, the market was in a typical bearish order flow. However, the APEUSD seems to have changed direction as it keeps breaking structures to the upside.
APEUSD Significant Zones
Demand Zones: $3.250, $2.610
Supply Zones: $7.740, $5.250
The current bullish phase began when APEUSD got rebuffed at the $2.610 demand zone on November 15, 2022. On this day, the trendline emerged, and prices began to rise across it. According to the Relative Strength Index (RSI), the market has been in an oversold region for a long time. The first phase of the bullish wave created its high just above the $4.400 price level, after which a correction was made into the bullish order block in the $3.250 demand zone. The order block caused a surge in price upward, which led to the current phase and the break of structure to the upside.
Before the Change of Character (CHOCH) to the upside, the market’s overall trend was bearish, as indicated by the Moving Average. The market began a massive crash in May 2022. APEUSD dived deeply downward within a few days until the demand zone of $3.250 was reached. The buying pressure at the $3.250 demand zone caused a relatively long-term rally in the market, which did not reach the previous high of the market. From the supply zone at the $7.740 price level, the market resumed its bearish move.
Market Expectation
On the four-hour chart, the market is defined by the $5.000 and the $4.100 price levels. APEUSD is expected to remain bullish after a correction into the discount.
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