Aptos Shares Reach $14.42, Possible Correction Expected Soon
The previous month has been exceptional for Aptos [APT], as it saw a remarkable surge of 63.30%. In the past 24 hours, a strong buying trend has lifted the price by 18.17%, contrasting with many other cryptocurrencies struggling in a volatile market.
Despite the recent gains, analysis from CryptoCrypto suggests that APT is primed for another rally, potentially adding to its current upward momentum.
Continued Short-Term Upsurge for Aptos
After surpassing the $10.41 level, where it faced notable selling pressure, APT seems poised to sustain its upward trend and continue climbing.
In the last 24 hours, APT’s trading volume skyrocketed by 174.19% to $581.21 million, with its market capitalization rising by 20.86% to $5.17 billion.
To achieve its short-term target of $14.42, a level marked by substantial liquidity, Aptos must breach the resistance at $10.41, with sustained positive volume increments.
If APT fails to overcome this resistance, it could retrace back to the $8.39 support level, looking for renewed buying interest to uphold its upward trajectory.
An evaluation of the current technical indicators by CryptoCrypto suggests that APT might face a retracement from its existing levels.
Minor Decline Expected Before $14.42 Target
APT is likely to witness a slight pullback before embarking on its journey towards the $14.42 short-term goal, as indicated by critical technical measures like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF).
The CMF, which gauges market sentiment by tracking liquidity inflows and outflows, signals a minor sell-off, implying some traders are cashing out.
Similarly, the RSI exhibits a subtle decline, with momentum hinting at a minor downward move. Should this trajectory persist, APT’s price is anticipated to follow suit with a brief downturn.
Nevertheless, despite these indicators, the overall market sentiment remains bullish. Both the CMF and RSI stay in positive zones, hinting at a continuing upward trend.
CryptoCrypto’s evaluation noted additional supporting elements that forecast APT’s likelihood of remaining in bullish territory post the anticipated retracement.
Increasing Open Interest and Funding Rates Suggest Aptos Rally
Currently, APT shows positive momentum in Open Interest (OI) and Funding Rates, setting the stage for a potential rally and maintaining its bullish stance.
Open Interest, which tallies unsettled derivative contracts on APT, has surged significantly.
Coinglass data indicates a 61.13% rise in OI to $264.74 million, signaling increased long positions being initiated, complemented by maintaining existing ones.
Likewise, the funding rate has witnessed a marked upturn, hitting 0.0148%. This signifies that long positions are compensating shorts to equalize futures and spot market prices, reinforcing a bullish market sentiment.