APT price has been stuck in a narrow consolidation zone ranging between $7.70 and $6.90 since the end of June 2023. The candle of 17 July 2023 was successful in closing above $7.70 but the follow-up bullish momentum did not occur and the next candle closed back into the consolidation zone.
The move turned out to be a fakeout and retraced back to form a support. The Aptos price then retest the resistance level of $7.70 in hopes of shattering but faced strong rejection from the same.
The rejection helped the price in gaining enough bearish momentum to shatter the minor support level of $7.35. Currently, the price is trading near the support level of $6.90. The current candle is bearish and has broken the low of the previous candle but the bulls have pushed the price back into the zone.
If the current candle closes below the $6.90 level, the next candle can break the low of the current candle. It might melt down toward a major support level of $6 causing a downfall of approximately 6%.
Network Activity Rises On Aptos
The daily active addresses have surged from 15,900 (13 July 2023) to 108,677, which is the highest addresses number of addresses since APT airdrop. The monthly change in daily active addresses is 583.6%. Since 21 July 2023, 94,000 new accounts were created, according to new on-chain data. The surge might be due to the integration of Aptos with a popular social media app: Chingari.
The daily transaction has reached 489,559, rising 81.1% in the past 30 days. Daily transactions peaked on 19 July 2023, reaching 1.95 Million after there has been a sharp decline to the current level.
The total value locked witnessed a decline of 0.1% reaching $43.5 Million. The market capitalization has decreased by 0.25% to $1,515,608,146 at the time of writing. The price is down 65% from the all-time high of $19.90.
Will APT Price Shatter the $6.90 Level?
The relative strength index of Aptos (APT) has crossed below the 50 mark and trades at 41.73 suggesting that the price is slowly gaining bearish momentum. Chaikin money flow score (CMF) is sloping upwards and is currently at 0.03 indicating slight strength left in the market.
The cryptocurrency price trades below 20, 50,100, and 200-day EMAs indicating that the price is in bearish momentum. However, the current candle shows that bulls have started to enter the market. The long/short ratio is 0.94 with 48.71% longs and 51.29% shorts implying a higher number of selling positions in the last 24 hours.
Conclusion
Technical parameters show that the APT price is in bearish momentum after facing rejection from a major resistance level of $7.70.
Technical Levels
- Major support: $6.90 and $6
- Major resistance: $7.70 and $8.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/26/aptos-price-prediction-apt-falls-amid-active-addresses-surge/