Aptos [APT] witnessed a robust 17.84% increase in prices before entering a consolidation phase at the current time. Over the past week, APT experienced a slight uptick of 0.33% and a 0.53% decline in the last 24 hours.
Despite these mixed signals, industry reports indicate that the current market behavior bears resemblance to past bullish trends that have driven significant market rallies.
Continued Accumulation Signals Potential Upsurge for APT
Currently, APT is in a consolidation stage, a common precursor to a market upswing as historically depicted on the charts. During this phase, traders typically add to their positions, purchasing more APT in anticipation of an upward movement.
Traditionally, the ensuing rally is expected to match or surpass the duration of the preceding one before consolidation. In this case, APT is projected to reach $10.44, marking a gain of 34.64%.
However, a change in market direction could lead to a decline in APT’s price. This shift would be verified if APT falls below or surges above the current consolidation range.
APT Poised for a Downturn Despite Positive Indicators
The positive accumulation phase for APT was confirmed through the Chaikin Money Flow (CMF), which monitors the inflow and outflow of liquidity in an asset.
Presently, the CMF displays an upward trend, registering a value of 0.11, signaling a notable influx of liquidity as investors increasingly invest in APT.
Nevertheless, further evaluation using the Relative Strength Index (RSI) suggests that APT is likely to decline, possibly retracting to the lower boundary of its consolidation range or briefly spiking below it in a potential stop-loss hunt. It could then stabilize within the range leading up to the anticipated rally.
An Impending Downturn for APT
Industry experts have highlighted multiple developments indicating a possible decline or abrupt exit (in a stop-loss scenario) from APT’s consolidation channel.
Primarily, the Open Interest has predominantly been negative, decreasing by 2.67% to a current value of $134.83 million. This decline implies that fewer traders are anticipating an upward movement for APT.
Additionally, in the past 24 hours, a significant number of long traders have exited the market, with $333.30 thousand worth of short positions being closed.
However, should this metric gradually turn bullish, it could positively impact APT’s price performance.