Connect with us
Active Currencies 13951
Market Cap $2,357,788,189,817.56
Bitcoin Share 51.49%
24h Market Cap Change $-0.04

Aptos stalls at $5.6 level – Will sellers benefit?

2min Read

The $5.6 hurdle persisted and could be exploited by APT sellers for further gains.

Aptos price analysis

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 recovery struggled to reclaim the range low of $5.6 convincingly. 
  • Funding rates were negative, while Open Interest rates didn’t improve.

Aptos’ [APT] range-low of $5.6 prevented further recovery attempts and could be exploited by sellers. APT oscillated between $6.06 and $5.59 in the second half of August but formed a bearish break-out, offering sellers more leverage. It struggled to reclaim the range low in the last few days and could present extra shorting gains. 


Is your portfolio green? Check out the APT Profit Calculator 


Will sellers exploit the range low?

Aptos price analysis

Source: APT/USDT on TradingView

The previous range-low of Aptos had a confluence with an invalidated bullish order block (OB) on the 4-hour chart of $5.58 – $5.65 (white). The dynamic 50-EMA (Exponential Moving Average), blue, had inched closer above the range-low.

So, the $5.6 area could be a solid bearish zone if Bitcoin’s [BTC] muted performance persists in the short term. As such, a price rejection in the zone could set APT to grace the recent low of $5.38. 

Such a rejection could offer another shorting opportunity, with an entry at $5.6 and take-profit at $5.38 or $5.4. 

However, a foray above $5.65 and a successful reclaim of the range-low will invalidate the short idea. 

Meanwhile, the RSI fluctuated below the 50-equilibrium level. It denotes muted and wavering buying pressure. The CMF also had a negative reading and struggled to reclaim the zero mark in September – Capital inflows were muted. 

Negative funding rates persisted

Aptos price analysis

Source: Coinalyze

According to Coinalyze, APT recorded overwhelmingly negative funding rates in the last few days. The trend illustrates the bearish sentiment in the derivatives market that prevailed in August and spilled into early September. 


How much are 1,10,100 APTs worth today?


The declining Open Interest rates confirmed the bearish bias. Notably, the metric slid lower between August and early September, dropping from >$64 million to $56 million as of press time. The drop captures the declining demand for APT in the derivatives market. 

However, a BTC price reversal to the upside could tip APT bulls to reclaim range-low; thus, tracking the king coin movement is crucial. 

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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.