Aptos recently found support after witnessing a downward correction for weeks. The price is increasing again as more positive actions could come into play after a pullback.
After rallying by almost 700% to the high of $20.4 in January, APT saw a rejection at that price level and lost momentum for seven weeks before locating support at $9.7.
This healthy correction gave the buyers many discounts and opportunities for low entry. As shown on the daily chart, they seemed to have acted upon it.
However, the price bounced off that support level and increased to a high of $14.7 yesterday following a strong bullish reaction. It has slipped to $13.5 at press time. This increase led to a push above the descending resistance line that suppressed buying pressure for weeks.
Following yesterday’s rejection, which equally led to the current price drops, the asset is more likely to retest the resistance line as support. As soon as that happens with a double-bottom pattern, a quick buy should be expected to keep the price high.
However, if a retest fails, we can expect the price to keep rising until it finds a strong resistance level for a pullback. And in a case whereby the price plummets the previous low, selling pressure could resurface.
Aptos Key Level To Watch
The retest level for a buy lies at $11.78, with a sublevel at $11. There’s still hope for a recovery even if the price pulls back to last week’s low level of $9.7. A drop off this low would activate another drawdown, which could sink the price to $8, $7, and $5.53.
A continuous price increase could tilt the price up to the $16.7 resistance level and perhaps $20.38 before pulling back. The potential resistance level to watch for a surge is $25.
Key Resistance Levels: $16.7, $20.38, $25
Key Support Levels: $11.78, $9.7, $8
- Spot Price: $13.5
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.