Investors have been closely monitoring Aptos [APT] due to its significant increase in network adoption and growth. The altcoin has been moving within a bullish flag pattern, signaling a potential breakout and an uptrend in its price.
As of the latest update, APT was changing hands at $5.44, reflecting an impressive 11.22% surge in price as reported by CoinMarketCap. The trading volume also witnessed a notable uptick of 29.91%, indicating heightened network activity over the past 24 hours.
Analyzing Aptos’ Bullish Flag and Recent Price Movement
APT has been traversing within a slightly descending channel subsequent to a prior uptrend, with price consolidation forming a bullish flag pattern.
During the previous 24-hour period, the price revisited the key support zone of $5-$6 before commencing an upward trajectory, as observed in the shorter timeframes.
If the current bullish momentum persists, we might witness a breakout above the crucial resistance range of $18-$20, potentially propelling the price towards $30 in the near term and ultimately targeting $34.
On-chain Growth: Surge in Aptos’ Adoption
Aside from the surge in transaction volume, Aptos has experienced a notable 10x increase in active accounts. Data from Aptos Nerd reveals that the number of accounts surged from 1.6M to 15.8M over the last year, underscoring exponential growth in network adoption.
Are Traders Gearing Up for a Bullish Breakout?
Currently, APT’s 24-hour Relative Strength Index (RSI) stands at 42, inching up gradually to 58 on the 4-hour chart, based on insights from Cryptowaves data.
Furthermore, the altcoin’s long-to-short ratio of 2.79 indicates that investors have been actively accumulating APT in the past day, a trend supported by the surging trading volume.
The bullish sentiment is further corroborated by an 18.47% rise in Aptos’ Open interest on major exchanges.
What Lies Ahead for Aptos?
Aptos boasts a utility-focused ecosystem that portends a promising future with increased adoption. This has instilled confidence among investors in recent months. Consequently, APT’s upward momentum could pave the way for a breakout above the critical $18 resistance level.
If the bullish trend remains intact, Aptos could surge towards $30 and beyond. Conversely, a failure to breach the key resistance level might result in a retest of the support zone within the flag pattern, setting the stage for another breakout attempt in the coming weeks.