Aptos [APT] has been drawing attention lately due to its recent price movements, indicating a strong uptrend for the digital asset. The token has displayed signs of bullish activity, captivating both active traders and long-term investors.
The main question now is – Can APT sustain its upward momentum, or will the market readjust itself?
APT Price Movement – Is a Breakout on the Horizon?
Currently, Aptos is being traded at $9.32, showing a 4.78% increase in the last 24 hours. APT has experienced a consistent rise on the charts in recent days, with its price surging to as high as $9.45.
However, the RSI is at 64.22, suggesting that the token might be nearing overbought levels.
Furthermore, the Bollinger Bands indicate increased volatility, potentially leading to more significant price swings in either direction. Thus, traders need to monitor these metrics closely as APT could break past the $9.45 resistance or witness a short-term pullback.
APT Whale Activity and Social Influence – Key Factors?
Whale engagement continues to play a crucial role in the bullish trend of Aptos. Currently, whales holding over $5 million comprise 54.65% of the total stablecoin supply, indicating their significant impact on price movements.
Yet, the social influence remains relatively low at 0.137%, implying that Aptos has more room to capture broader market attention.
Therefore, an increase in social dominance could further fuel the token’s upward trajectory.
Liquidation Levels – Can Bulls Maintain the Upper Hand?
In the derivatives market, data reveals that bulls are strengthening their position. Presently, long liquidations stand at $74.09k with short liquidations at $92.99k. This suggests that bears are struggling to hold their ground, with short positions taking a more significant hit.
Moreover, this spree of short liquidations reinforces the overall bullish sentiment in the market, propelling APT’s price upwards. Nevertheless, sudden shifts in liquidation patterns could impact the market, necessitating traders to remain vigilant.
APT Funding Rates – Is the Market Still in a Bullish Phase?
As of 9 October, the OI-weighted funding rate for Aptos remains positive at 0.0075%. This indicates that traders are willing to pay premiums to maintain long positions, underlining the prevailing bullish sentiment.
However, any substantial alteration in the funding rate could signal a sentiment shift and potentially increase market volatility.
Based on the current price action, whale activities, liquidation levels, and funding rates, Aptos seems poised to uphold its bullish momentum. Consequently, APT is likely to continue its upward trend, with the $9.45 resistance level being a critical hurdle to observe.
Nonetheless, traders should exercise caution, as changes in sentiment or whale actions could trigger a market correction.