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Examining if Aptos bulls can step up after APT’s latest price correction
The post Examining if Aptos bulls can step up after APT’s latest price correction appeared on BitcoinEthereumNews.com. APT’s fate rests heavily on whether bulls can successfully defend the $10.35 support Traders should watch for a potential bounce, one which could target $13.75, or a breakdown Aptos [APT] continued its strong ascent for three months before touching a 7-month high of $13.75 on 11 November. However, its recent rejection from the trendline resistance has placed APT in a critical position, with bulls looking to defend a confluence of key support levels. APT could go THIS way from its immediate support level Source: TradingView, APT/USDT At press time, Aptos was trading at around $11.11 after a nearly 8.7% decline. The price was retesting a confluence of supports near the $10.35 zone, including the horizontal support, the ascending trendline, and the 20-day EMA. The outcome of this retest could define APT’s upcoming trend direction. If APT bounces off the $10.35-level, buyers could aim for a swift retest of the $13.75 resistance, coinciding with the upper trendline of the ascending channel. A successful close above this level could propel APT towards a potential upside target near the $15-mark, strengthening the bullish bias. However, if the price breaks below the support confluence, APT may see a consolidation phase near the 50-day EMA ($9.43) and the 200-day EMA ($8.40). This would suggest a lack of momentum among buyers. A failure to hold the $10.35 support may open up the possibility of a move towards the $8 zone. The Relative Strength Index (RSI) stood at approximately 56, reflecting indecisiveness among traders. A definitive move below 50 could indicate renewed bearish momentum, while a jump below 60 might trigger more upside pressure. Analyzing APT derivatives data Source: Coinglass APT’s derivatives data highlighted mixed sentiment in the market. Open Interest fell by 11.96% to $251.35M, indicating that traders have been closing their positions, possibly due to…
The post Examining if Aptos bulls can step up after APT’s latest price correction appeared on BitcoinEthereumNews.com.
APT’s fate rests heavily on whether bulls can successfully defend the $10.35 support Traders should watch for a potential bounce, one which could target $13.75, or a breakdown Aptos [APT] continued its strong ascent for three months before touching a 7-month high of $13.75 on 11 November. However, its recent rejection from the trendline resistance has placed APT in a critical position, with bulls looking to defend a confluence of key support levels. APT could go THIS way from its immediate support level Source: TradingView, APT/USDT At press time, Aptos was trading at around $11.11 after a nearly 8.7% decline. The price was retesting a confluence of supports near the $10.35 zone, including the horizontal support, the ascending trendline, and the 20-day EMA. The outcome of this retest could define APT’s upcoming trend direction. If APT bounces off the $10.35-level, buyers could aim for a swift retest of the $13.75 resistance, coinciding with the upper trendline of the ascending channel. A successful close above this level could propel APT towards a potential upside target near the $15-mark, strengthening the bullish bias. However, if the price breaks below the support confluence, APT may see a consolidation phase near the 50-day EMA ($9.43) and the 200-day EMA ($8.40). This would suggest a lack of momentum among buyers. A failure to hold the $10.35 support may open up the possibility of a move towards the $8 zone. The Relative Strength Index (RSI) stood at approximately 56, reflecting indecisiveness among traders. A definitive move below 50 could indicate renewed bearish momentum, while a jump below 60 might trigger more upside pressure. Analyzing APT derivatives data Source: Coinglass APT’s derivatives data highlighted mixed sentiment in the market. Open Interest fell by 11.96% to $251.35M, indicating that traders have been closing their positions, possibly due to…
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