On higher timeframes, Aptos [APT] showed a bullish trend after successfully surpassing a critical local resistance at $7.66. Despite facing market volatility that impacted the entire crypto market, Aptos managed to hold onto the $5.6 support level since July.
During a four-day period from the 17th to the 21st of September, Aptos experienced a significant 47% increase, climbing from $5.68 to $8.39. However, concerns surfaced regarding Aptos’ ability to maintain this upward momentum based on volume indicators.
Optimistic Aptos Price Forecast Supported by Weekly Structural Breakthrough
The rapid 47% surge upwards occurred within a short timeframe, propelling the token towards the weekly lower high at $7.66. With a weekly close above this level, the market structure on higher timeframes shifted in favor of the bulls, paving the way for a potentially bullish trend.
To transition from a consolidation phase since June to an uptrend, Aptos buyers need to sustain the upward momentum to establish higher lows and higher highs in the upcoming weeks.
Although the daily momentum exhibited a bullish trend, as indicated by the Awesome Oscillator, the failure of the On-Balance Volume (OBV) to surpass a local high from August raised concerns. This suggested that the breakout occurred amid reduced trading volume.
Looking ahead, the critical resistances at $10 and $14 on a daily basis will determine the continuation of the uptrend for Aptos. The price behavior at these levels will provide insights into the sustainability of the upward movement.
Temporary Setback with Declining spot CVD
Following the breach of the $7.66 level, a surge in Open Interest indicated bullish sentiment in the short-term futures market. The positive funding rate further supported the likelihood of additional gains.
However, despite Aptos surpassing $8.1, the spot Cumulative Volume Delta (CVD) has witnessed a decline over the past two days, signaling a short-term bearish trend. This could potentially lead to a price adjustment and a drop below $8 in the coming days.
Recent price movements within the past 24 hours seemed to be predominantly influenced by the futures market, implying a probable consolidation phase and price correction before the next significant market move.
Disclaimer: The information provided is personal opinion and does not constitute financial, investment, trading, or any other form of advice.