- 1
Aptos price is currently trading at $7.58 with a gain of 0.58% during the intraday session. - 2
APT price has positively crossed the 20-day EMAs but still trades below the 50,100 and 200-day EMAs. - 3
The year-to-date return of Aptos is 119.67% while the three-month return is -31.34%.
APT price saw a severe downfall during the start of June which pushed the price below $8, thereby causing a downfall of roughly 40% from the $9.20 Level. After the meltdown, the price formed support at $6 and started to recover from the losses. The bullish rally was initiated during the middle of June after the formation of the $6 support level.
The rally faced hurdles near $7.70 as the price faced rejection, which caused a retracement in the price. APT price attempted to rise above $7.70 again, but was not successful. It then entered into a consolidation zone ranging between $6.90 and $7.70 at the end of June.
The candle of July 17 successfully closed above the $7.70 level; however, bears entered the market, pushing the price back into the consolidation zone and resulting in a long wick on the upside as the price was rejected at $8.20. The move turned out to be a fakeout.
If a candle can close above $7.80, there is a possibility that the price might head toward the next resistance level of $8.25. On the other hand, if bears can push the price below $7.35, it could possibly melt down to $6.90.
Aptos Ecosystem Analysis
The daily active addresses have also witnessed a gain of 32.8% in the past three months, reaching 21,108. The daily active addresses have been rising since May 5. The daily transactions also saw a substantial growth of 381.5% in the last three months and are currently at 603,092. However, Total Value Locked has seen a decline of -31.4%, amounting to $42.3 million.
Will APT Price Decline to the $6.90 Level?
The cryptocurrency’s price has positively crossed the 20-day EMA, suggesting that there is increased participation of bulls in the market. Chaikin money flow score is -0.03, implying a slight weakness in the market. RSI trades at 54.27 and is upward sloping, signalling the presence of bulls in the market.
The bands of bollinger have contracted, suggesting a decrease in the volatility. Currently, the price is staying above the 20-day SMA and is headed toward the upper band which resides near the $7.80. The long/short ratio is 0.97 with 49.39% longs and 50.61% shorts, suggesting slightly higher selling positions in the last 24 hours.
Conclusion
The market structure and price action of Aptos is indecisive as the price might face resistance from $7.70 or it could rise toward $7.80. Technical parameters suggest that there is a strong presence of bulls in the market. Traders should wait for the price to close above $7.80 or below $7.35 before looking for any bids.
Technical levels
Major support: $6.90 and $6.00
Major resistance: $8.25 and $9.20
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.
Source: https://www.thecoinrepublic.com/2023/07/20/aptos-price-prediction-will-apt-price-rise-above-8-this-week/