Aptos Cryptocurrency Breaks Through Six-Month Resistance, Sets Sights on $14 Target
The Aptos [APT] token has shown significant bullish momentum on the daily chart, successfully surpassing the $10 resistance level established back in April. This recent development signals the potential for Aptos to reach the $14 mark in the near future.
Throughout October, APT has experienced a remarkable 46.5% surge, outperforming Bitcoin [BTC], which saw a 14.5% increase from its monthly low. A positive trajectory for BTC could further bolster Aptos’ outlook.
Aptos Cryptocurrency Overcomes Psychological Barrier at $10
Back in April, Aptos faced a challenging scenario as it briefly touched $10.3 amidst a downtrend, only to witness a failed attempt by the bulls to sustain this level. Subsequently, a bearish order block was identified on the daily chart. However, after six months, buyers successfully transformed this area from a resistance zone into a support level.
The shift was primarily fueled by a surge in demand, as evidenced by the notable trading volumes and a rising On-Balance Volume (OBV), indicating a rising buying pressure. These factors collectively indicated a favorable market structure and positive momentum.
Furthermore, drawing attention to the rally from $4.32 to $7.57 in August, the price touched the 100% Fibonacci extension level at $10.82.
Looking ahead, the next major barrier lies at the bearish order block of $14.
Liquidation Heatmap Identifies Short-Term Price Targets
The liquidation heatmap, covering a 1-month period, highlighted key zones around current market prices, specifically the $11.2-$11.4 range and $9.4-$9.6 range, as significant areas of interest.
Considering the prevailing demand and momentum, a retracement below $10 seems improbable, although heightened volatility in BTC could trigger a pullback in Aptos, potentially offering a buying opportunity around the $9.4 support level.
At present, the bullish outlook for Aptos points towards a target of $14 as the next resistance level to conquer.
Disclaimer: The information provided is solely reflective of the writer’s opinion and should not be construed as financial, investment, trading, or any other form of advice.