After a significant downturn, Aptos [APT] has managed to stabilize its price within a critical price range of $7.50 to $8.50. This consolidation phase, highlighted on the chart as a zone crucial for further progress, signifies a strong investor interest that may lead to a more bullish trend.
With the Relative Strength Index (RSI) signaling neutral to bullish conditions, there is room for upward movement in the near future.
Should APT manage to surpass the $10 mark, it could set the stage for a potential climb towards $12.50 and even $15 as mentioned by crypto analyst Michaël van de Poppe who stated,
“Once it breaches the $10 milestone, we can expect a substantial surge in value.”
Analysis of Technical Indicators and Critical Levels
The recent Golden Cross on APT’s chart, where the 13-period Moving Average crossed above the 49-period MA, hinted at a bullish momentum that was short-lived as the price dipped below both moving averages at $8.71 and $8.95, now acting as immediate resistance levels.
The Money Flow Index (MFI) sat at 36.36, suggesting a mild accumulation phase with no strong buying pressure evident. It was crucial for APT to maintain support at $8.50, as a breach could lead to further decline towards $8.00. However, a breakthrough above $9.18 might signal a resurgence in strength and possibly surpass higher resistance levels.
Insights from Futures Market and Open Interest Patterns
Data from Coinglass revealed that APT’s Open Interest (OI) stood at $224.99 million recently, marking an 8.89% rise in the last 24 hours. This surge indicated heightened trader engagement and speculative activities as they positioned themselves for an anticipated price shift.
Historical OI patterns presented fluctuations throughout 2024, spiking near $400 million in March and November. The current increase in OI hinted at growing expectations for increased price volatility, especially as APT neared the critical $10 threshold.
Market Activities, Liquidations, and Price Movements
Liquidation data highlighted $33.22K in long positions and $7.81K in shorts, liquidated at a price of $8.6876. OKX dominated the liquidation scene with $24.72K in long positions, showcasing active trading in progress.
Despite these figures, the levels of liquidation remained relatively low, implying a modest use of leverage in the market. While APT’s price action depicted a phase of consolidation, a successful breakout above $10 could ignite a formidable bullish trend targeting higher price levels.