Over the recent week, Aptos [APT] has surged by 17.81%, predominantly fueled by a 13.04% upturn in the daily timeframe.
Analysis from CryptoCrypto corroborates this positive perspective, pointing out emerging bullish patterns that validate the asset’s robust momentum.
APT Trading in an Ascending Triangle, Targeting Crucial Resistance Levels
APT is presently engaged in an ascending triangle pattern, a bullish setup renowned for initiating price surges. This configuration comprises a horizontal resistance line and an ascending support line.
Recent market movements indicate that APT has bounced back from the support line and is edging closer to the resistance area around $7.45. Should buying pressure exceed selling pressure at this level, APT is likely to breach the resistance barrier.
Upon a successful breakthrough, the rally could progress towards significant price milestones at $8.56, $9.74, and ultimately $10.41, where the price might stabilize. Conversely, in a bearish market scenario, APT could retrace to $4.32.
CryptoCrypto has also pointed out various indicators that reinforce the bullish momentum and could assist APT in surpassing the resistance zone.
Indicators Signaling Robust Bullish Momentum
Currently, APT has achieved a significant technical landmark known as a golden cross, denoting the blue MACD lines crossing over the orange signal lines. Additionally, the MACD line stands in positive territory with a value of 0.05.
The golden cross typically represents a bullish signal, indicating that APT’s price is likely to continue its upward trajectory from the current level.
Furthermore, the Chaikin Money Flow (CMF), which evaluates both price and volume to analyze fund movements into or out of an asset, indicates that APT is in an accumulation phase.
This accumulation phase is reinforced by the rising CMF value of 0.18.
Strong Buying Sentiment Evident in APT’s Open Interest
As per Coinglass, the Open Interest for APT has notably surged, registering a 21.16% increase within the last 24 hours. This substantial uptick signifies a heightened investor appetite for APT, with traders actively acquiring more of the asset.
Open Interest measures the total number of outstanding derivative contracts, such as futures or options, reflecting ongoing market participation.
Furthermore, the trading volume for APT has spiked by 54.04%, demonstrating significant interest in the asset. This heightened activity is likely to further propel APT’s price upwards.