- Aptos broke a crucial six-month supply zone.
- The subsequent retest and bounce suggest further gains are likely.
As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve witnessed more than a few bull runs and bear markets. The recent surge in Aptos (APT) has caught my attention, and I must admit, it’s reminiscent of the early days of Bitcoin (BTC).
On the daily chart, APT (Aptos) displayed a robust upward trend, successfully surpassing the $10 resistance area that was established in April. This suggests that it has the power to advance towards approximately $14 in the near future.
This month, Aptos (APT) has experienced a significant surge of 46.5%. On the other hand, Bitcoin [BTC] increased by 14.5% from its lowest point this month. If Bitcoin continues to trend upward, it could boost the outlook for Aptos.
Aptos crypto clears the $10 psychological hurdle
In April, Aptos crypto briefly spiked up to around $10.3 amidst a steep market decline, yet the bulls were unable to sustain this rise. This level subsequently became a bearish order block on the daily chart. However, after approximately six months, buyers have successfully transformed this zone from a resistance point into a support level.
They undertook this action due to increased customer interest. The trade volumes indicated high activity levels, and the upward trend in On-Balance Volume (OBV) signaled growing purchasing enthusiasm. This implied a positive market structure, mirroring the bullish momentum.
Furthermore, since the price increased from $4.32 to $7.57 in August, the 100% Fibonacci extension level was reached at approximately $10.82.
To the north, the next significant resistance zone was the bearish order block at $14.
Liquidation heatmap highlights short-term targets
The one-month lookback period’s liquidation heatmap highlights the $11.2 to $11.4 range and $9.4 to $9.6 range as attractive regions near the current market price, similar to magnets.
Given the demand and momentum, a retracement below $10 appeared unlikely.
Read Aptos’ [APT] Price Prediction 2024-25
Remember though, increased Bitcoin volatility could potentially trigger a drop for Aptos, which means the $9.4 support level might present a good buying opportunity.
As things stand, the bullish target for the next move is the $14 resistance zone.
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2024-10-23 19:03