Aptos Cryptocurrency Records 8.8% Surge in 24-Hour Period: Weekly Analysis Suggests Potential Upside
Over the past week, Aptos [APT] has demonstrated a bullish trend on the weekly chart, defying market volatility and sentiments. Despite a slight retraction after surpassing the $7.5 mark, Aptos managed to hold its ground along with the broader market.
Despite the minor pullback, there were no indications on higher timeframes of an imminent bearish trend. For such a scenario to materialize, Aptos would need to slip below $7.23. However, current evidence does not support such a downward movement.
Aptos Testing August High as a Support Level
On the 1st of October, Aptos experienced a 1.56% decline in value, with trading being particularly volatile intraday. Trading volume during this period was comparable to the panic seen on the 5th of August.
Despite the uncertain market conditions, Aptos managed to stay above the $7.57 mark, which previously served as a peak in August and was used to establish Fibonacci retracement and extension levels. Notably, the 61.8% extension level at $9.58 coincided with a significant weekly bearish order block around $10.
Looking ahead, swing traders are likely eyeing the $10.82 level, representing the 100% extension, which corresponds to a resistance zone from December 2023.
While the short-term MACD indicator displayed a bearish crossover, signaling temporary downward momentum, the overall trend on both daily and weekly charts remained bullish. Moreover, the CMF, despite a notable decline, remained above +0.05, indicating a sustained buying interest.
Shifting Patterns in Open Interest
After observing a downtrend over the past week, Open Interest (OI) underwent a significant change in the last 24 hours, surging from $104 million to $124 million, accompanied by a 7.2% rebound in APT price.
Moreover, the spot CVD exhibited a consistent uptrend in recent days, suggesting a bullish sentiment among market participants anticipating further price appreciation.
Disclaimer: This content does not constitute financial, investment, trading, or any other form of advice and should be regarded as the opinion of the author.