Recent market analysis reveals that Aptos (APT) has shown strong bullish tendencies on higher timeframes following its successful breakthrough above the crucial local resistance level of $7.66. Despite facing market volatility that impacted APT as well, the token managed to defend the critical support level at $5.6 since July.
During the period from the 17th to the 21st of September, Aptos experienced a substantial increase of 47%, surging from $5.68 to $8.39. However, concerns were raised regarding APT’s ability to sustain this upward movement based on volume indicators.
Positive Weekly Structural Shift Supports Bullish Aptos Price Prediction
The impressive 47% price surge took only four days for Aptos to reach the weekly lower high point of $7.66. A successful weekly close above this level signaled a bullish shift in the market structure on higher timeframes.
In order to transition from a consolidation phase since June to an uptrend, Aptos bulls need to continue driving prices upwards to establish higher lows and higher highs in the upcoming weeks.
While the daily momentum displayed bullish signals according to the Awesome Oscillator, the On-Balance Volume (OBV) failed to surpass a local high dating back to August. This raised concerns as the breakout seemed to occur on relatively lower trading volume.
Looking ahead, the key resistances to watch for Aptos are situated at $10 and $14, with the price reaction at these levels likely determining the future direction of the uptrend.
Decreasing Spot CVD Presents Short-Term Challenges
Following the breach of the $7.66 level, there was a noticeable rise in Open Interest, indicating a bullish sentiment in the short-term futures market. This positive funding rate increased the likelihood of further price appreciation.
However, despite Aptos surpassing $8.1, the Spot Cumulative Volume Delta (CVD) has been on a declining trend over the last two days, suggesting a bearish outlook in the short run. Consequently, a price correction leading to a dip below $8 could be expected in the coming days.
The recent price movement, particularly influenced by the futures market, may lead to a brief consolidation phase and potential price correction before the next significant price swing.
Disclaimer: The information provided should not be interpreted as financial, investment, or trading advice, and represents solely the personal opinion of the author.