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Aptos set to sink below $5 as market sentiment sways in bearish favor

2min Read

Aptos’ Open Interest chart has been rising since 9 October, and combined with APT’s bounce to $5 in recent days, a short-term bullish sentiment was evident.

Aptos hovers undecidedly about the $5 mark as bulls try to put up a fight

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

  • Aptos has a bearish outlook in the coming weeks. 
  • A drop below $5 was brewing and a lack of demand was worrisome for bulls hoping for a reversal. 

Aptos [APT] was involved in the development of Real-World Assets [RWAs] that are aimed at narrowing the gap between fans and merchandise. This could aid the efforts toward mass adoption and persuade more users to join the network.

Is your portfolio green? Check the Aptos Profit Calculator

However, on the price chart, the token remained in a resolute downtrend. Two important zones of resistance were established to the north and a bullish breakout was unlikely at the time of writing. Where can traders look to go short?

The two APT bearish order blocks appeared insurmountable

Aptos hovers undecidedly about the $5 mark as bulls try to put up a fight

Source: APT/USDT on TradingView

On the daily chart, there were two zones (red box) around $5.25 and $5.75 where the seller dominance has been crystal clear since September. Both were bearish order blocks and have repelled bullish efforts on more than one occasion within the past six weeks.

The market structure of APT on the daily chart was bearish. A set of Fibonacci retracement levels (pale yellow) were plotted based on the late August drop from $5.99 to $4.89. The 78.6% retracement level at $5.75 was tested twice in September. It has confluence with the mid-August former support that was since flipped to support and the bearish OB.

In the coming days, the $5.2-$5.37 region’s retest could allow short sellers to enter the Aptos market. Bearish targets include $4.63 and $4.21 to the south. Meanwhile, a move above $5.4 would flip the structure bullishly.

The decline in spot CVD spelled trouble for APT bulls

Aptos hovers undecidedly about the $5 mark as bulls try to put up a fight

Source: Coinalyze

The Open Interest chart has been rising since 9 October. APT also saw a minor move higher from $4.7 to $5 that began on 12 October. Together the OI and price signaled short-term bullish sentiment in the market.

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

Yet the spot CVD has trended downward since late September. Moreover, the funding rate has been negative over the past two weeks to show dominant bears. The lack of reaction on the spot CVD suggested the bullish exhaustion.


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.
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