Connect with us
Active Currencies 14909
Market Cap $2,256,109,036,758.80
Bitcoin Share 50.85%
24h Market Cap Change $0.46

Aptos [APT] slides to $10 psychological zone, watch out for this level

2min Read

Aptos [APT] dropped to a key confluence support area of $10, but selling pressure looms large. Can bulls inflict a recovery?

Aptos [APT] slides to $10 psychological zone, watch out for this level

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • APT was highly bearish at press time. 
  • More long positions wrecked in the past 24 hours. 

Aptos [APT] has dropped to a key lower boundary and psychological level of $10. The retest of the boundary has put sellers and buyers on edge as each struggle for control. So far, candlewicks have been hitting $10 – confirming the bulls’ interest in defending the support. 


Read Aptos [APT] Price Prediction 2023-24


 However, a bearish Bitcoin [BTC] and a break below $27k could offer sellers more leverage. The king coin’s price rejection at $30k has set altcoins in extended correction. If BTC retraces further, APT could inflict a bearish breakout and offer more shorting opportunities. 

A patterned breakout or rebound – Which way for APT?

Source: APT/USDT on TradingView

On the 12-hour charts, technical indicators – RSI and stochastic RSI, had hit oversold conditions. The oversold condition reinforces the prevailing bearish sentiment but also means sellers may take a break soon. 

If that’s the case, buyers could attempt to secure the $10 support. The channel’s lower boundary also lines up with the descending trendline and offers more resistance to sellers.

Ergo, buying at current levels could provide a good risk ratio if APT defends $10 and rallies to the upper channel’s boundary of $14. 

A bullish breakout could target the $18 price range. Alternatively, sellers could inflict a bearish breakout, invalidating the above thesis.

The breach could sink APT to $5.95 and could be accelerated if BTC falls below $27k. Notably, the OBV (On Balance Volume) dipped – evidence of limited trading volumes, which could favor sellers.

CVD spot declined

Source: Coinalyze


Is your portfolio green? Check APT Profit Calculator


According to Coinalyze, the aggregated CVD (Cumulative Volume Delta) spot declined, reiterating sellers’ increasing leverage in the market. In addition, out of about $930k total liquidations, over $700k worth of long positions have been wrecked in the past 24 hours. 

On the other hand, short positions saw only $200k worth of liquidations, indicating longs were paying shorts – confirming the prevailing bearish sentiment.

Although this offers sellers slight leverage, any BTC recovery could deflate bears’ hope. Ergo, investors should track BTC price action alongside sentiment before making moves. 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.