Despite Major Challenge, Aptos [APT] Poised to Hit $10.4

While many alternative cryptocurrencies have experienced declines amidst a broader market downturn, Aptos has demonstrated impressive resilience in the face of challenges. Over the past month, Aptos has surged by 46.58%, with an additional recent increase of 5.14%.

According to intelligence from CryptoCrypto, this current surge may just be the beginning, as various indicators suggest a strengthening bullish trend and heightened buyer activity.

Overcoming Resistance, Empowering APT’s Rally Amidst Obstacles

Having broken out of its ascending triangle pattern, APT briefly underwent a consolidation phase on the 4-hour chart, dropping to $7.46 before finding support—a level that had previously acted as resistance. This transformation has significantly contributed to its recent upward movement.

Nevertheless, APT is now faced with a new obstacle—a resistance line slightly above its current price that needs to be surpassed to enable further gains.

If the price manages to sustainably trade above this line and continue its ascent, the next significant liquidity cluster lies at $10.41. At this juncture, a revaluation of the price becomes probable, thereby determining APT’s next move.

Bullish Technical Indicators for APT

Current technical indicators, such as the Parabolic SAR and Moving Average Convergence Divergence (MACD), strongly indicate that recent market movements are supported by active participation from traders.

The Parabolic SAR, a tool for identifying potential price reversals, is showing dots below the price – a signal of increasing buying momentum. A further increase in these dots would confirm the market’s inclination to buy.

Furthermore, the MACD has surged into the positive zone and formed a bullish ‘golden cross’—a scenario where the blue MACD line crosses above the orange signal line. This pattern typically suggests heightened engagement from market participants, propelling the price upwards.

These collective indicators suggest that a bullish trend could soon emerge. However, CryptoCrypto’s assessment reveals there is more to this unfolding scenario.

On-chain Data Reflects Bullish Sentiments for APT

The analysis by CryptoCrypto also points to on-chain data aligning with technical indicators, consequently signalling a strong market sentiment.

For example, according to Coinglass, trading volume and Open Interest for APT have spiked by 18.84% and 6.35%, reaching $1.32 billion and $185.01 million respectively. These metrics, indicative of market activity, demonstrate significant increases that correspond with upward price movements—hinting at a sustained upward trajectory for APT.

In essence, market sentiment suggests that APT not only has the potential to surpass its existing resistance level but could also potentially rally towards $10.41.