Over the past week, Aptos [APT] has exhibited impressive growth, climbing by 29.98%. Nevertheless, the momentum has tapered off in the last 24 hours, registering a modest increase of 1.59%.
Despite this deceleration, technical analysis of the chart hints that this period could be a consolidation phase, indicating the likelihood of a significant upward surge in APT’s price in the near future.
Viability of Attaining Double-Digit Price Levels for Aptos
Prior to this, APT was trading within an ascending triangle formation, a bullish pattern recognized by market analysts as the initial stage of a potential rally—a forecast that has now come to fruition.
Recent updates reveal the emergence of additional bullish signals for APT through the formation of an inverse head and shoulders pattern, which is commonly interpreted as a precursor to a noteworthy uptrend.
Normally, the projected rally mirrors the distance between the pattern’s head and its neckline. Should this pattern repeat itself in APT’s case, it could drive the price above $10.
Despite the upward trajectory, the price movement has been gradual, influenced by market participants selling APT and causing a slight downturn.
Nonetheless, an alternative perspective provided by analysts maintains a bullish stance on APT’s future price performance.
Anticipating a Rally Through APT’s Short-Term Retraction
Both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) indicators indicate a slowdown in APT’s momentum.
Having recently peaked at 74, the RSI signaled an overbought condition, readjusting to 70.25 subsequently.
This retraction, alongside an upward trendline, suggests that investors are accumulating more APT units in preparation for an upcoming surge.
The ongoing accumulation phase is further corroborated by the positive value of 0.30 on the Chaikin Money Flow, which indicates sustained buying pressure.
The current positive trend in the CMF implies that the recent price dip presents a strategic buying opportunity for market participants to acquire APT at lower levels before propelling it into another rally.
Market Players Eye Lower Prices for APT
According to Coinglass data, Open Interest (OI) has decreased from its September 25th high of $154.45 million to $145.02 million, indicating a concerted effort to drive down APT’s price.
Despite this overall decrease, OI has observed a 1.66% uptick, suggesting a gradual influx of bulls entering the market through the initiation of more long positions.
If this rising trend in open interest persists, it signals the conclusion of APT’s accumulation phase and sets the stage for a rally towards double-digit price territory.