APT Technical Analysis: A Bull Move Expected in Near Future?

• APT token has entered into a consolidation zone after a down move.
• Indicators do not deliver any signal for the token.
• The consolidation zone breakout at the present price levels may be considered as a base for bull move.

The analysts for APT might have observed that after a significant bull rally, the token displayed a down move and is now consolidating at the current price levels. The level at which the token is currently trading is one of the coin’s strong resistance.

The chart tale

On the daily chart, Investors can see that the APT token has entered a consolidation zone and is presently moving within it. A bull move may occur if the token gives a break out of this consolidation zone. Additionally, if the prices of the token increase after the breakout, a Golden Crossover may also occur and then the prices of the token may be seen rising even higher.

The MACD indicator has previously displayed a bearish crossover, but this crossover appears to be waning because of its histograms turning light red in color. This also suggests that if there is an increase in price of the token,a bullish crossover can be formed. The RSI curve, on the other hand, is trading above its 50-point threshold at 50.45. However, until we see the RSI curve rising, this cannot be regarded as a buy signal. Overall, both the indicators, MACD and RSI are currently neutral.

A closer window

Investors might observe a similar price movement to that of the daily chart on the short-term chart as well. One additional thing that can be spotted on the chart is that if prices decline, 50 EMA comes close to 200 EMA, thereby resulting in a Death Crossover, which may then lead to fall in prices of the token.

Aptos in future- rise of 2023

The prices at press time move below $15, but can aim for $20 again. The target of $20 was achieved once and can be a level tried every time a dip occurs. The price movement has formed strong supports which will steadily escalate the prices in 2023. If the resistance near $18.5 is breached, $20 is achievable. 

Conclusion

Investors may have concluded from looking at the daily and short-term charts that a bull move may occur after a little consolidation at the current levels. In addition, if the token breaks the consolidation on the down side, then there is a chance of down move as well.

Technical Levels

Resistance levels – $14.4556 and $18.4423

Support levels – $12.3231 and $7.1311

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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