After an impressive month of growth, recording a remarkable 70.82% increase, Aptos [APT] is now experiencing a slowdown in its momentum. The asset has encountered difficulties breaking through a critical resistance level despite multiple efforts. The daily price movement currently reflects a modest 0.77% rise, indicating a decrease in enthusiasm compared to the previous week’s significant surge.
Analysis from CryptoCrypto suggests that this period of market uncertainty might soon conclude, with Aptos expected to make a definitive move.
What Lies Ahead for APT? Upward Trajectory or Downward Spiral?
Aptos is currently presented with two potential scenarios, both leaning towards a bullish outlook but diverging in their trajectories.
Firstly, Aptos is trading within a bullish pattern distinguished by a horizontal support level and an inclined resistance line. Should this pattern persist, it could trigger a breakout above the crucial resistance point at $10.41.
Alternatively, Aptos may fail to sustain this bullish development, leading to a potential decline into a demand zone ranging between $9.55 and $9.28. Strong buying activity within this zone could then propel the price upwards beyond the resistance level.
CryptoCrypto is now evaluating which of these possibilities is more likely to unfold as market dynamics evolve.
Interest in Demand Zone Captures Traders’ Attention
Given current trader activity, Aptos is anticipated to dip into the aforementioned demand zone. This prediction is supported by two key measures from Coinglass—Open Interest and Liquidation data.
The Open Interest has decreased by 1.53%, falling to $221.90 million, indicating a rise in short positions relative to long ones. This shift has contributed to the downward pressure on Aptos’ valuation.
Furthermore, the market’s movement within the bullish pattern has triggered $407.35 thousand in long liquidations. This trend influences a downward trajectory that could diminish Aptos’ worth even further.
With these metrics and other indicators pointing towards a potential downturn, Aptos appears poised to trend lower into the demand zone.
Potential Obstacle Awaits Aptos
The Relative Strength Index (RSI) has consistently stayed below a resistance line, aligning closely with Aptos’ price movements during these downturns.
If Aptos indeed descends into the demand zone and begins its expected bullish recovery, it will face a significant obstacle at this critical resistance level. Failing to breach this barrier could impede the rally, delaying any further upward momentum.
While Aptos’ bullish sentiment remains intact, its upward trajectory will be contingent on its ability to overcome this resistance hurdle.