The previous month has been a remarkable period for Aptos [APT], experiencing a remarkable 63.30% surge. Over the last 24 hours, there has been a strong uptrend, driving the price up by 18.17%, while many other cryptocurrencies faced challenges in a volatile market.
Despite the recent gains, analysis by CryptoCrypto suggests that APT is poised for another upswing, potentially continuing its recent upward trend.
Short-Term Uptrend Forecasted for Aptos
After surpassing the $10.41 threshold, where it encountered significant selling pressure, APT seems primed to sustain its upward momentum.
In the past day, APT’s trading volume has surged by 174.19%, reaching $581.21 million, while its market cap rose by 20.86% to $5.17 billion.
To advance towards its short-term target of $14.42, which is recognized for its substantial liquidity, APT must first breach the resistance at $10.41, with its volume needing to maintain positive growth.
Failing to overcome this hurdle may lead APT to retrace towards the support level of $8.39, where it could find renewed buying interest to support its upward trajectory.
Current technical indicators analyzed by CryptoCrypto suggest that APT is likely to undergo a corrective phase from its current levels.
A Minor Decline Expected before the $14.42 Target Rally
APT is anticipated to undergo a slight pullback before continuing its ascent towards the short-term objective of $14.42, as indicated by key technical signals like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF).
The CMF, assessing market sentiment by measuring inflows and outflows of liquidity, signals a minor market sell-off, indicating some traders cashing out.
Similarly, the RSI illustrates a marginal decline, with momentum just starting to turn downwards. Should this trend persist, APT’s price is likely to follow suit with a brief downturn.
Nevertheless, despite these indicators, the market sentiment remains predominantly bullish, with both the CMF and RSI remaining in positive territory, indicating an overall upward trajectory.
Further supporting the positive outlook, CryptoCrypto’s analysis highlights other factors suggesting that APT is poised to maintain its bullish stance post the anticipated retracement.
Increasing Open Interest and Funding Rates Point to Aptos’ Upward Trend
Presently, APT is experiencing favorable momentum in both Open Interest (OI) and Funding Rates, positioning it well for a potential uptrend and supporting its bullish outlook.
The Open Interest, reflecting the number of pending derivative contracts on APT, has notably surged.
Data from Coinglass indicates a 61.13% increase in OI to $264.74 million, indicating more long positions being established and maintained.
Furthermore, the funding rate has exhibited a significant uptick, reaching 0.0148%. This suggests that long positions are compensating short positions to stabilize futures and spot market prices, further reinforcing a bullish market sentiment.