APE is brutally crushed by shorts, with $1.755 becoming a daunting hurdle!

Partners, APE has really hit a big trouble this time! The shorts are firmly controlling the price level of $1.755, and any attempt to push higher results in severe damage, with prices being pressed down at this strong resistance level. As for the bulls? They tried to push the price up, but unfortunately failed and were pushed back by the shorts.

Let’s analyze this: APE is struggling against the resistance level of $1.755, and the shorts are quite arrogant. Moreover, we need to see where this bearish force is coming from, as well as the key support and resistance levels. We also need to question whether the price will continue to drop or if there is a possibility of a rebound.

The price of APE has already turned bearish on the 4-hour chart, and upon hitting the $1.755 mark, it has directly dropped back. It’s now approaching the $1 mark and the 100-day simple moving average. The momentum has drastically changed; the bulls couldn't hold on, and the shorts took the opportunity to gain the upper hand.

Looking at the 4-hour Relative Strength Index (RSI), it has plunged straight down from a high of 92% to 49%. This fall below the 50% threshold indicates that the shorts are in control of the market. If the RSI continues to drop, the price may fall further.

Moreover, on the daily chart for APE, the negative sentiment is becoming increasingly strong, as the candlestick chart shows negative values, dropping towards the 100-day moving average. What does this indicate? It suggests that while there is an attempt to maintain a high position, the selling pressure is growing.

If the bulls cannot hold the current support level, the price will continue to fall. This 100-day moving average has become crucial for observing whether the market will reverse or continue to decline.

Finally, looking at the 1-day chart, the RSI has dropped to 65%, which is significantly lower than the previous overbought area. What does this mean? It indicates that the pressure from buyers has eased, and the market may be entering a consolidation phase or may need to correct.

Therefore, with such a strong bearish momentum, the key support level becomes particularly important. Especially that $1 mark, which serves as both a psychological and technical support level. Whether it can withstand further declines remains to be seen!

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