Connect with us
Active Currencies 14044
Market Cap $2,570,439,086,131.05
Bitcoin Share 50.81%
24h Market Cap Change $-0.13

Aptos traders can monitor these two price levels for the next move

2min Read

The spot CVD remained in a downtrend and did not support the idea of hefty demand for Aptos and questioned the idea of a rally for the token.

Aptos traders can watch these two levels to recognize the next move

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.

  • Aptos has a bearish outlook on the higher timeframe price charts.
  • The recent gains could easily be wiped out if it was not backed by genuine demand for APT.

Aptos [APT] saw its market structure flip bearishly on the daily timeframe on 15 August. A month ago, APT was trading at $6.1, but at the time of writing it was valued at $5.3. Over the past two weeks, this trend appeared to slow down.


Is your portfolio green? Check the Aptos Profit Calculator


In other news, the Aptos blockchain announced a partnership with Flowercarbon to align itself with the climate change agenda. The partnership is aimed at pushing APT toward sustainable practices.

Aptos threatens a structural break with gains of over 8%

Aptos traders can watch these two levels to recognize the next move

Source: APT/USDT on TradingView

On Sunday, 24 September, APT saw a large bullish swing in the lower timeframe price charts. Within 20 hours the token noted gains of 8.3%, climbing from $5.07 to $5.49. On the daily chart, the previous lower high sat at $5.36.

Hence, this surge higher was one of two possibilities- a sign of bullish intent and the beginning of a retracement of the losses of the past month, or a northward liquidity hunt before further losses in value. The RSI remained below neutral 50 to indicate a downtrend in progress.

The market structure of APT on the daily chart remained bearish but will shift its bias upon a daily session close above $5.36. The OBV has noted some gains over the past week and signaled buyers entered the market with noticeable strength.

A move above $5.65 and its subsequent retest could offer a counter-trend buying opportunity. The take-profit targets would be the 61.8% and 78.6% Fibonacci retracement levels at $6.82 and $7.34.

The Open Interest saw a wild swing higher

Aptos traders can watch these two levels to recognize the next move

Source: Coinalyze

As noted previously, Aptos posted large gains and nearly reached the $5.5 mark. This saw speculators go into a bullish frenzy. The Open Interest noted a spike from $65 million to $85 million. It was a huge sign that speculator sentiment was bullish- but were they right?


Realistic or not, here’s APT’s market cap in BTC terms


The spot CVD remained in a downtrend and did not support the idea of hefty demand. Combined with the importance of the $5.36 and $5.5 levels in the lower timeframe charts, the recent spike could have been a bull trap and we could see a drop in Aptos prices.

A drop below the $5.03 mark would be indicative of a continuation of the bearish higher timeframe trend.

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.