- ApeCoin price has fallen back into the weekly demand zone.
- The Relative Strength Index shows a double top has formed on the 9-hour chart.
- A sustained close above $14.50 would invalidate the bearish thesis.
ApeCoin price is displaying bearish signals on the 9-hour chart. Traders may consider shorting the digital asset if market conditions continue.
ApeCoin price should concern recent investors
ApeCoin price has had all the hype in the crypto market this month as crypto enthusiasts are loving the idea of a tokenized index for the entire NFT market. ApeCoin price has made a 2,700% increase since its debut launch on March 17. Such gains have brought immense FOMO to the digital token, which has investors questioning if a more severe correction will occur.
ApeCoin price is now showing evidence that the bulls may be losing steam. For one, the NFT-inspired crypto has fallen back into the weekly demand zone at $13.42. Secondly, the ApeCoin price displays a "double top" formation on the Relative Strength Index at the maximum resistance level. If market conditions continue, traders will likely look to short the digital asset once the demand zone is fully broken through.
APE/USDT 9-Hour Chart
Despite the newfound evidence of a bearish presence in the market, ApeCoin price can continue rallying higher. First, the digital asset will need to break above the demand zone at $14.50. The next bullish engulfing candle to close above $14.50 will be early evidence for the bulls to aim for $15.50 and $16 confidently, resulting in a 20% increase from the current ApeCoin price.