Aptos [APT] has attracted attention for maintaining its price above a crucial support level at $10.70. This level, deemed essential for a sustained uptrend, has been tested multiple times and has demonstrated strong buying interest.
The price rebound from this support zone has enabled APT to establish higher lows, indicating a possible shift towards a bullish trend.
Currently, Aptos is being traded at $12.64, showing a 4.44% increase in the last 24 hours and an 8.85% gain over the past week.
Challenges at $13.27 and Upside Targets
The immediate obstacle for APT is at $13.27, a level where the price recently encountered resistance. This resistance coincides with significant historical turning points and serves as a pivotal level for buyers to overcome.
A breakthrough above this resistance would signify a mounting bullish momentum, potentially opening the path to further price appreciation.
Crypto analyst Michaël van de Poppe has identified $16-$17 as the next probable target for APT.
“The markets are heating up, and the ecosystem of $APT is expanding. By holding a critical level, I anticipate more growth opportunities in their ecosystem. I foresee the next target to be $16-17,” he mentioned.
A price surge to this bracket would result in a 26%-34% upside from the current levels.
Indicators Support Bullish Momentum
Technical indicators endorse a bullish breakout scenario. The APT/USDT chart shows the price trading above the middle Bollinger Band, positioned at $12.04.
The widening of the Bollinger Bands indicates escalating volatility, while the price nearing the upper band reflects sustained buying activity.
The Relative Strength Index (RSI) stood at 60.59, suggesting robust bullish momentum without entering overbought territory. A potential move towards 70 by the RSI could confirm additional strength in the upward trend.
Simultaneously, the Awesome Oscillator (AO) indicated bullish sentiment with its green color, although smaller bars hint that momentum might need a push for further advancements.
On-chain Transactions and Exchange Movements
On-chain data unveiled a net outflow of $498.14K in Aptos tokens from exchanges as of November 28th, as reported by Coinglass.
This movement signals diminished selling pressure as token holders transfer their assets to private wallets, potentially fostering price growth.
While net outflows paint a positive picture, recent inflows and outflows emphasize active market participation, suggesting possible turbulence in the near term.
Furthermore, market activity remains vibrant, boasting a 24-hour trading volume of $506.02 million and a 1.57% increase in open interest to $281.96 million.
Traders and investors are vigilantly observing critical levels, such as support at $12.04 and resistance at $13.05, to gauge the next possible move in Aptos’ price direction.
Aptos seems primed for an upward trend, with both technical indicators and on-chain data indicating a potential surge towards the $16-$17 range.