Aptos (APT) is facing a challenging situation as it tries to break out of a descending pattern that has two barriers: a trendline and a 50-day moving average. The crypto’s next movement will depend on whether it can break out or break below the pattern.
The outlook is uncertain at the moment. However, the price dropped by -7.62% last week, indicating that Aptos performed well recently. Aptos has lost 64.81% of its value in 2 years from its all-time high of $19.92, wiping out the investors’ wealth.
The market can be characterized as indecisive at the moment. There is no significant volume in the crypto right now. The price has been pushed back by the resistance line and is finding support on the 50-moving average.
Aptos Price Technical Analysis
EMA: The price of Aptos has been stuck between 50 and 200 MAs with a bearish crossover that shows the influence of sellers in the market. If sellers continue to drag the market down, APT could suffer more falls and go into a downtrend.
The RSI line is moving around the neutral zone. The RSI line is at 45.41. The 14 SMA has a value of 47.49 points. However, the APT price could rise significantly if it breaks out of this channel pattern.
Currently, MACD is showing bullish signs. The MACD line at -0.10 and signal line at -0.08 are below the zero line, meaning that the MACD is in negative territory and is giving neutral signs as of now.
Volume Analysis: The Aptos trading volume of 24 hours is $49,490,444 with a -5.90% drop in the past 24 hours. However, the volume has been declining for a long time.
Technical Levels:
- Support – The current support level is $5.48.
- Resistance –The current resistance level is $8.50.
Conclusion
The current data and analysis show that bears and bulls are in a tight battle. Aptos Crypto is facing a challenge as it tries to break out of a descending pattern that has two obstacles: a downward trendline and the 50-day moving average. The price action suggests that investors should wait for a proper setup for the next move. APT’s price is in neutral territory at the moment. Indicators like the moving average, RSI, and MACD suggest a neutral trend for Aptos Crypto. Traders and investors need to be patient and look for a decisive breakout from the range before making any moves in the future.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/13/aptos-price-prediction-july-2023-will-apt-go-bullish-soon/