Aptos [APT]: Here are some levels buyers can watch out for
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- The H4 structure was beaten with an imbalance to retrace to
- This imbalance could offer a buying opportunity
Aptos [APT] has been on a downtrend since 5 February based on the bearish market structure on the 4-hour chart. This was flipped to bullish extremely quickly when the price registered a strong rally on Monday.
How much are 1, 10, or 100 APT worth today?
Uncertainty and fear over the weekend turned to euphoria for the bulls as Bitcoin gained by close to 20%, with room for further gains over the coming week as well. APT bulls can wait for a retracement before looking to buy.
The structure was flipped to bullish after a strong move
The altcoin’s price rose above the former lower high marked in orange and did so on the back of significant trading volume and in a single candle. This was an example of a powerful structure break and moreover, an imbalance was also left on the chart. Marked in white, this was an area where the price could retrace to in the coming days.
The $11.82 and the $11-levels are the ones to watch out for. It is likely that bulls can force further gains after a dip to these levels. The Awesome Oscillator showed firm bullish momentum and the OBV was also able to breach a local resistance. This indicated strength from the buyers.
Realistic or not, here’s APT’s market cap in BTC’s terms
Aptos looked likely to face resistance in the $12.47-$12.92 area. A rejection from this zone and a retracement into the fair value gap could offer buying opportunities. This bullish notion would be invalidated if APT closes a 4-hour trading session below the $10-mark.
The Open Interest saw a wild swing north – Is another move higher imminent?
Over the past couple of days, the spot CVD was flat after a huge upward rally. This suggested some consolidation in the markets after a wave of heavy buying pressure, with the same in agreement with the OBV.
The Open Interest trended south on 13 March, even though the price steadily climbed higher. The last few hours saw close to $10 million added to the Open Interest. The long/short ratio was slightly in favor of the bulls, according to Coinglass data as well.
Along with the break in the downtrend, the likelihood remains that bulls could force yet another leg upward for APT on the price charts.