Aptos: Sellers extend control, is APT headed to a new low?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Bullish attempt to push past range-high swiftly curtailed by bears.
- Sellers’ dominance extended by massive liquidation of buyers’ positions.
Aptos [APT] has mirrored Bitcoin’s [BTC] ranging price action over the past month. While BTC ranged in the short term between $26.1k to $26.6k, APT’s oscillating price action between $5 and $8 has stretched over a two-month period.
Read Aptos [APT] Price Prediction 2023-24
Consequently, the latest bullish push to break past the range-high was met with another rejection, highlighting sellers’ advantage under the current market conditions. Will a retest of the $5 support yield better results for bulls?
Breaking the range-high barrier has proved too difficult for APT bulls
Aptos began the year on a firm bullish note, rising to a year high of $20.3. Since then, the altcoin has fallen into a severe bearish downtrend losing over 68% of its value.
Zooming into its current price action showed the lack of trading volume which has aided the selling pressure. The lack of liquidity has seen APT fall into range-bound movement between $5 to $8, since 10 June. This has seen the On Balance Volume (OBV) indicator flatline around the 200 million mark over the same period.
Over the past seven days, APT’s Relative Strength Index (RSI) climbed above the neutral 50 mark on 9 August after a strong bullish daily close. However, this move was swiftly curtailed by sellers with the RSI dipping under the neutral 50, as of press time.
With sellers holding the upper hand, APT could extend the declining price movement to the $5 support level. This could be an area where bulls look to rally strongly from, as seen in January. However, the key to a sustained bullish reversal will be crossing the $8 hurdle at the range-high.
In the interim, traders can expect prices to go lower with profit levels at $5 – $6 price zone.
Bullish rebound attempts discouraged by price liquidations
How much are 1,10,100 APTs worth today?
The Futures Market liquidation data on Coinglass showed that a bullish rebound might still be some way off for Aptos. Buyers recorded 99.1% losses over the past day, amounting to $149.62k worth of liquidated funds.
If Bitcoin’s price action continues to dwindle around the $29k price zone, APT’s losses could be accelerated by the selling pressure.