- The token is presently trading in a sideways trend.
- The token has earlier given a double bottom pattern breakout.
The token showed a great bull rally from January 9 and marked its all time high on January 26 with the highest price being $20.39. At present levels the token has gone into a consolidation zone.
APT on daily chart
On the daily chart, earlier the token gave a double bottom pattern breakout after which it went on to mark its all-time high and at present time we can see a Flag and Pole pattern being formed. A Flag and Pole pattern breakout marks the beginning of a strong bull rally. Therefore the investors who are looking to invest in this cryptocurrency can look forward to investing once the token gives a flag and pole pattern breakout.
Relative Strength Indicator (RSI) – The RSI curve is over its 50-point threshold and is currently trading at 72.80. The value of the RSI’ curve has increased due to the increase in Aptos prices. If the price rises more, the RSI curve may continue to increase.
Analyst views and expectations
At present time though the chart does not look good for investing but once it gives the flag and pole pattern breakout, it can generate huge returns for investors. Therefore both long-term and short-term investors should keep an eye on the token because in upcoming weeks we may see a breakout.
According to Changelly.com, cryptocurrency analysts have examined the price variations of aptos in 2022 and preceding years and they forecast that the average APT rate in March 2023 may be approximately $19.90. It may fall as low as $18.99. The maximum value will be $21.42.
According to 2023 aptos price prediction by CryptoPredictions, the cryptocurrency may decline to a little under $4.04 by year’s end before rising to $6.61 the following year. The website predicted by the end of 2025, the cryptocurrency might be worth $8.15 to $8.16.
Technical Levels
Major resistance -$19.07
Major support -$3.78
Conclusion
Once the token crosses its major resistance and gives a breakout of the pattern formed on the daily chart, the token will be a good investment option for both types of investors whether long-term or short-term.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/02/01/unraveling-the-insights-a-comprehensive-technical-analysis-of-aptos/