Short Position for $APE at $0.748???
***Key Considerations***
Resistance: $0.748 is a key resistance; $0.752 is the 24h high. If the price tests these levels and shows rejection, it signals selling pressure.
**Overbought RSI**
RSI near 80 suggests overbought conditions, increasing the likelihood of a pullback from $0.748-$0.752.
**Volume Analysis**
Rising volume but declining near $0.748 could indicate trend exhaustion, supporting a short trade.
**Breakout Risk**
If the price breaks above $0.752 with strong volume, it may invalidate the short. Set a tight stop loss to protect against this.
**Short Strategy**
Entry: Short around $0.748 if the price shows rejection.
Stop Loss: Set at $0.755-$0.758 to guard against breakouts.
**Take Profit**
Target 1: $0.728 (pivot support).S
Target 2: $0.702 (38.2% retracement).
**Risk/Reward**
With a stop at $0.755 and target of $0.728, the risk/reward ratio is around 1:3, making this a favorable setup.
**Summary**
Shorting at $0.748 is viable if resistance holds, with tight stop loss above $0.752. Be cautious of strong momentum and manage risk carefully.
