- The weekly structure was flipped bullishly.
- The decline in spot CVD in the past 24 hours raised questions about a minor price dip.
As a seasoned crypto investor with battle-tested nerves and a knack for spotting trends, I find myself intrigued by Aptos [APT]. The past week has been a rollercoaster ride, to say the least. The weekly structure flipped bullishly after APT surged 47% in just four days, defying the skepticism of many.
As a researcher, I’ve been closely observing the performance of APT (Aptos). After successfully surpassing a significant local resistance at $7.66 on the higher timeframes, it appears to be holding a bullish stance. Since July, the support level at $5.6 has been robustly maintained. Despite the market-wide volatility affecting APT as well, this crucial support level hasn’t been yielded.
During the period from the 17th to the 21st of September, the token experienced a significant increase in value, going up from $5.68 to $8.39, which represents a rise of approximately 47%. However, some uncertainty was raised by the volume indicators regarding APT‘s capacity to maintain this upward trend.
Weekly structure break aids the bullish Aptos price prediction
In just four swift days, the token surged by 47%, racing steadily towards its weekly low at $7.66. By week’s end, a closing point above this level was reached, effectively changing the overall market trend to bullish in higher timeframes.
For the uptrend of Aptos to materialize from June, its bulls need to persistently drive up the prices, aiming for both a lower trough (higher low) and a higher peak (higher high) over the next few weeks.
Each day showed an upward trend based on the Awesome Oscillator, but the On-Balance Volume (OBV) failed to surpass a previous peak from August. This is concerning since the surge in prices happened during reduced trading activity.
Looking ahead, key resistance levels for APT can be found at $10 and $14 to the north. If the price encounters resistance in these regions, it may signal that the upward trend might not persist further.
Declining spot CVD a short-term headache
The price break above $7.66 was accompanied by a rise in open interest, indicating a bullish short-term outlook in the futures market. This favorable financing rate boosted the chances for additional profits.
Is your portfolio green? Check the Aptos Profit Calculator
Despite Aptos surpassing $8.1 recently, the trend for CVD has been dropping for the last two days, indicating a temporary bearish outlook. It’s possible that in the coming days, we might see a price adjustment with a drop below $8.
Over the last day, it seems that most of the price changes were driven by the futures market. This market segment might experience a short period of stabilization or correction, after which we may anticipate another strong price surge.
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2024-09-27 02:15