This article is available in Spanish.
ApeCoin is facing a major setback as bearish momentum increases, with the price hitting strong resistance at $1,755. After attempting to push higher, the bulls have lost ground, allowing the bears to take control and halt the upward move.
This key resistance level in particular has emerged as a major barrier, pointing to a potential shift in market dynamics. With pessimistic pressure mounting, ApeCoin’s future direction hangs in the balance as traders look for signs of whether the bulls can stage a recovery or whether the bears will cut prices in the coming days.
This article analyzes ApeCoin’s battle against strong resistance at the $1,755 level, focusing on how the bears have gained control of the market. It examines the factors driving the current bearish strength, examines the key support and resistance levels, and assesses the likelihood of further downside pressure or a possible bullish recovery.
Bearish momentum increases as ApeCoin reaches key resistance
Recently, the price of APE turned bearish on the 4-hour chart, retreating towards $1 and the 100-day Simple Moving Average (SMA) after encountering strong resistance at $1,755. This retracement marks a notable shift in momentum as the bulls failed to maintain their upward movement, allowing the bears to take control.
An analysis of the 4-hour Relative Strength Index (RSI) shows a significant decline, with the signal line falling to 49% from the previous peak of 92%. Typically, a drop below the 50% critical threshold signals bears gaining control of the market, potentially leading to more downside if the RSI continues to move lower.
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Also, the daily chart for ApeCoin shows an increasing negative trend sentimentwith negative candlesticks and a decline towards the 100-day SMA, reflecting rising selling pressure as ApeCoin struggles to hold higher levels. If the bulls do not defend the current support, further declines are possible, making the 100-day SMA a crucial level to watch for a possible reversal or continued downward move.
Finally, the RSI on the 1-day chart has fallen to 65%, down from its previous position in the overbought zone, indicating that Busy has eased and that the market may be entering a period of consolidation or a possible pullback.
Support levels to keep an eye on amid bear scrutiny
If bearish Momentum is strengthening and key support levels are becoming crucial in determining ApeCoin’s next move. The first level to watch is the $1 mark, a psychological and technical support that could help prevent further declines for ApeCoin.
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If the bears push the price below, the next major support is around $0.66. A break below these levels could lay the groundwork for additional losses as sellers would likely increase pressure.
However, if APE’s bulls manage to a recovery at the $1 support level, ApeCoin price could start to recover towards the $1,755 resistance. A successful break above this resistance could pave the way for more upside move, possibly targeting the $2.1 level and above, which would signal a stronger bullish resurgence.
Featured image from Adobe Stock, chart from Tradingview.com
