Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- APT rallied strongly from the $5 support with 20% gains over the past day.
- Rising demand in the Futures market could spur more gains in the short term.
The double-digit gains of Aptos [APT] over the past 24 hours took the altcoin above a critical resistance level. Previously, the bullish rebound failed to cross the $6 resistance level, as the market sentiment swayed in favor of bears.
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However, the change in market conditions from bearish to bullish resulted in 20% gains took APT, taking it above the $6 price level. Meanwhile, Bitcoin [BTC] extended its bullish rally, as buyers looked to add the $30k price level to their recent wins.
Bulls finally surmount bearish obstacle
The 12H timeframe showed the bearish hurdles that have stood in the way of APT’s bullish rebound from the $5 price level. Buyers have constantly been repelled at the $5.6 price zone over a month-long period.
With buyers finally clearing this hurdle and attempting to flip the $6 price level to support, there is a possibility of further gains for buyers.
The short-term outlook will involve a bullish candle close above $6. This would enable buyers to aim for more gains at $6.9 to $7.5. On the flip side, a failure to close above $6 could drop APT back into the range-bound movement.
In the meantime, the RSI (Relative Strength Index) and Chaikin Money Flow (CMF) highlighted the strong buying pressure and capital inflows into Aptos. This could be key to sustaining the bullish rally in the near term.
Demand continued to build for APT in the Futures market
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The spot CVD data from Coinalyze revealed a swift rise in demand which preceded the price pump. With the CVD still in an uptrend, this could be pivotal in maintaining the bullish momentum.
Similarly, the Open Interest (OI) rose by 16.8% over the past day. This signaled that market participants were actively going long on APT with the target of riding the bullish wave.