Aptos: What you need to know as APT moves sideways
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- APT has been stuck in range formation since mid-June.
- More long positions discouraged ahead of Fed decision.
If you’re a Fed watcher and macro-trader, you’re likely aware of the Federal Open Market Committee (FOMC) meeting scheduled for 25/26 July. Historically, Fed rate decisions are marked with increased volatility and could influence Aptos’ [APT] price action.
Read Aptos [APT] Price Prediction 2023-24
Most Fed watchers expected a likely +0.25% rate hike. Given the current and precarious Bitcoin’s [BTC] position, <$30k, more losses could be on the cards, especially if the hawkish stance is confirmed and investors are unnerved.
Which way for APT price?
The recovery fronted in mid-June was cut short after APT entered a range formation between $6.99 – $7.97. Before the extended drop in early June, APT was in another sideways movement within the $7.97 – $8.77.
At the time of writing, the price chart indicators illustrated the bulls’ leverage in the current range formation. Notably, the Relative Strength Index was above the neutral level, and the On Balance Volume edged higher.
However, BTC’s tight consolidation below $30k could set APT to extend its range formation. APT could continue its consolidation between $6.99 – $7.97, and traders can seek gains at the range extremes.
But traders must be cautious of liquidity hunts in either direction above range extremes. Besides, a D1 bearish order block (OB) of $8.8 – $9.4 (red) lays above the previous range high of $8.77 and could front a strong resistance.
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Long positions discouraged
Based on liquidations data, >$50k worth of long positions were wrecked at the time of writing on the 4-hour timeframe. In the same period, shorts suffered only $24k worth of liquidations. The above trend is an indication of a bearish grip over the weekend.
But the sentiment could change after the FOMC meeting. So, it is worth tracking the Fed decision and BTC price action.