Aptos aims for $10.41 as bullish momentum gathers pace

• APT benefits from strong technical indicators that signal a potential rally as it is projected to hit the double-digit mark at $10.41. 
• Investor confidence remains high as evidenced by significant capital inflows, with few indicators showing upward trends.

In just the past week, Aptos [APT] has climbed 17.81%, driven largely by a 13.04% rise within the daily timeframe.

AMBCrypto’s analysis further supports this optimistic outlook, citing new bullish formations that confirm the asset’s strong momentum.

APT trades within an ascending triangle, eyeing key resistance levels

APT is currently trading within an ascending triangle, a bullish configuration known for sparking price rallies. A horizontal resistance line and a rising support line characterize this pattern.

Recent price action indicates that APT has rebounded from this support line and is now approaching the resistance zone at $7.45. If buying pressure overcomes selling at this level, APT is poised to break through the resistance.

Following a successful breach, the rally could extend to key price levels at $8.56, $9.74, and $10.41, where the price may stabilize. Conversely, if the broader market trends are bearish, APT could retreat to $4.32.

Source: Trading View

AMBCrypto has also highlighted several indicators that further suggest bullish momentum, potentially aiding APT in surpassing the resistance zone.

Indicators signal strong bullish momentum

At press time, APT achieved a notable technical milestone known as a golden cross, characterized by the crossing of the blue MACD lines over the orange signal lines. Furthermore, the MACD line is currently positive with a reading of 0.05.

The golden cross is largely a bullish signal, indicating that APT’s price is likely to continue its upward trajectory from its current level.

Additionally, the Chaikin Money Flow (CMF), which assesses both price and volume to gauge the flow of funds into or out of an asset, suggests that APT is in an accumulation phase.

This phase is confirmed as the CMF value has risen to 0.18, reinforcing. 

Source: Trading View

Open Interest in APT hints at strong buying interest

According to Coinglass, Open Interest for APT has increased significantly, rising by 21.16% in the last 24 hours. This substantial growth indicates heightened investor interest in APT, with traders actively acquiring more of the asset.

Read Aptos’ [APT] Price Prediction 2024-25

Open Interest works by quantifying the total number of unsettled derivative contracts, such as futures or options, reflecting ongoing market engagement.

Moreover, trading volume for APT has surged to 54.04%, demonstrating vital interest in the asset. This increased activity is likely to further drive up APT’s price.