Published 5 hours ago
The hot controversial topic of crypto space, Aptos coin is currently trading at $9.15 with an intraday gain of 5.55%. This new layer-1 blockchain launched on Monday but received plentiful hatred from crypto investors for the lack of clarity around its tokenomics. As a result, altcoin dropped 40% on its first trading day. However, as the price action seems stable now, let’s see what technical analysis says about the future potential for the APT coin.
Key points:
- The Aptos coin offers a bullish breakout from the rounding bottom pattern
- A breakdown will the $8.3 will invalidate the bullish influence if the chart pattern
- The intraday trading volume in the Aptos is $895.5 Million, indicating a 52% gain.
Source- Tradingview
The daily technical chart showcased a bullish outlook with the formation of a rounding bottom pattern. In theory, the U-shaped recovery indicates a gradual improvement in market sentiment and leads assets to higher prices.
The four-hour time frame chart shows the altcoin gave a massive breakout from the $8.3 neckline resistance. A significant rise in volume activity during the breakout indicates that buyers are confident that APT could sustain higher prices.
The breakout rally reached a high of $9.27, followed by a sharp reversal to retest the breached resistance. Thus, the altcoin could drop another 6.7% before it hit the flipped support of $8.3. Furthermore, the Aptos coin price showing sustainability above this level will indicate that the buyers have acquired a stable footing to raise the price.
As for the technical setup, the rounding bottom price offers a bullish for the same distance prescient from its bottom support to the neckline. Thus, the post-retest rally will drive the prices to a high of $9.63.
In addition, this development will offer another breakout opportunity from the $9.3 resistance with a possible target of $10
Technical Indicator
Relative Strength Index: the daily-RSI slope reverted from the overbought region, bolstering the expected pullback in the Aptos coin.
EMAs: the rising 20-and-50-day EMAs reflect an ongoing bullish rally for APT price. Moreover, these EMAs could offer strong pullback support to capture dip opportunities.
Aptos Price Intraday Levels
- Spot rate: $8.88
- Trend: Bullish
- Volatility: Low
- Resistance level- $9.3 and $10
- Support level- $8.3 and $7.65
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-aptos-coin-price-reclaim-the-10-mark/