Connect with us
Active Currencies 14906
Market Cap $2,490,373,031,337.00
Bitcoin Share 51.16%
24h Market Cap Change $2.25

Aptos in a downtrend, but this indicator showed a reversal was possible

2min Read

The price action showed that the market structure of Aptos remained bearish, yet the CVD indicator suggested that a bounce in prices could be imminent

Aptos in a downtrend but this indicator showed a reversal was possible

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.

  • The 4-hour chart showed momentum and structure were weakly in favor of bears.
  • The disagreement from the CVD gave rise to the idea that APT bulls could be gearing up for a move upward.

Aptos [APT] has been in a steady downtrend since late January, following its rapid move from $3.85 to $20 within the first month of 2023. When writing, the prices were perched atop a support level of $8.33.


Read Aptos’s [APT] Price Prediction 2023-24


Although a bounce in APT prices was possible, a reversal of the downtrend might not be in sight given the sentiment across the crypto market. Beneath $8.3, $7.75 and $6.9 were levels of support to watch out for.

Aptos bulls manage to defend $8.33 but an uptrend was not yet in sight

Aptos [APT] in a downtrend but this indicator showed an upward move was possible

Source: APT/USDT on TradingView

On the 4-hour chart, the market structure of APT remained bearish. The lower high at $8.82 registered on 8 May was still not broken (trading session close above), although it came extremely close on 17 May.

On lower timeframes, the formation of higher lows since 14 May was a slightly encouraging factor.

The higher timeframes also heavily leaned in favor of the bulls. The daily timeframe showed the market structure was strongly bearish. The temporary stall in momentum at the $8.2-$8.33 area might not mean the downtrend was about to reverse.


How much are 1, 10, or 100 APT worth today?


The RSI on H4 was at 44 and fell below neutral 50 on 18 May. This showed bearish momentum was beginning to take hold, but was not significant yet. The CMF was below -0.05 in recent days, which highlighted large amounts of capital flowing out of the market.

The rising CVD suggested buyers were preparing to drive a rally

Aptos [APT] in a downtrend but this indicator showed an upward move was possible

Source: Coinalyze

The spot Cumulative Volume Delta has been in an uptrend since 14 May. Meanwhile, the price action had dipped toward the $8.3 support zone once more.

This underlined the possibility of an APT rally in the coming days. However, with BTC unable to breach the $27.8k mark, the APT rally might not be much more than a bounce in prices.

The Open Interest remained flat as the price hovered in the $8.35 region over the past couple of days. This indicated a lack of strong sentiment from the speculators.

Share

Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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.