APT Price About to Breakout? These Developments Suggest…

Can APT price capitalize on the declining Bitcoin dominance which signals liquidity rotation into altcoins? The Aptos native cryptocurrency achieved an overall bullish November. However, it has been struggling to overcome resistance above the $13.70 price level.

APT has been in the green for the last 6 consecutive days, allowing the price to push back to the resistance range. It previously retraced from this level in the second week of November, during which it peaked at $14.11.

Will APT retrace once again or can it carry enough momentum for a breakout into higher levels? The cryptocurrency attempted to rally past the short term resistance in the last 24 hours. However, it was once again met with some resistance and a slight pullback.

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Despite the above outcome, the cryptocurrency has demonstrated that the bullish momentum may extend in the first week of December. APT has also been forming a cup and handle pattern which means it could potentially rally by over 30% to complete the pattern.

APT price sees uptick in open interest and funding rates

Aptos open interest has been rising for the last 10 days in line with the recent demand resurgence. It peaked at $322.45 million in the last 24 hours, after previously dipping as low as $249 million on 19 November.

The growing open interest was a reflection of the demand resurgence, confirmed by a healthy uptick in positive funding rates.

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The level of open interest was notably not as high as it was on 12 November. This suggests that the momentum build-up was strong enough for a breakthrough at the time of writing. Although this could be subject to change depending on market dynamics.

Spot flows revealed that there was a significant amount of outflows on 30 November. The cryptocurrency had net negative flows in the last 24 hours at the time of observation, albeit significantly lower than the previous day.

An unexpected bearish retracement may pave the way for sizable long liquidations. According to Coinglass, APT long liquidations in the last 24 hours amounted to $672,210. A considerably higher figure compared to short liquidations which amounted to $190,430.

The balance in the level of longs vs shorts also shifted in the last few hours with shorts gaining dominance. This outcome signaled growing expectations of another pullback from the resistance zone.

Aptos soars to new highs in main performance metrics

Before you make a conclusion regarding APT’s next direction, here are some factors to consider. December just commenced with new highs for APT in terms of TVL and stablecoin marketcap. TVL attained a new historic peak at $1.21 while its stablecoin marketcap pushed as high as $311.45 million.

Aptos stablecoin marketcap also kicked off the month with some upside. It peaked at $311.39 million. Although the stablecoin marketcap was notably lower than TVL, it also achieved a new ATH.

The new highs in key performance metrics confirmed growing network utility which tends to boost native crypto demand. This was in line with the recent price surge.

These developments relating to TVL and stablecoin new highs have the potential to sway the price outcome. If price aligns with the growing metrics, then APT may push for a breakout above the current resistance zone.