The Aptos price failure to break the descending trendline hints at a potential pullback in the near term
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Contrary to the recent downturn in the crypto market, the APT price has witnessed a significant inflow since last weekend. The coin price rose for four consecutive days, has recorded a 12% gain, and challenges the long-coming price and timeline. A potential breakout from this barrier would be a key signal of sustained recovery.
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Will its New Found Recovery Continue?
- The APT price faces dynamic resistance from a falling trendline.
- A potential bullish breakout from the overhead trendline will be an early sign of trend reversal
- The intraday trading volume in APTer is $343.2 Billion, indicating a 20% gain
Source- Tradingview
Since February 2023, the Aptos coin price has experienced a significant correction, registering a 73% loss from its all-time high of $19.9. However, the daily chart shows the coin price has started molding between converging trend lines, acting as dynamic resistance and support.
With the recent uptick in APT price, the buyers knock on the door of the upper trendline—a barrier that’s held firm for nearly 200 days. However, the visible price rejection on the day’s candle might indicate that sellers are still guarding this fortress. If they maintain their stance, this altcoin might retract and trigger a new bear cycle within the wedge formation of trendlines.
The potential decline may plunge the prices 18% down to hit the lower trendline.
Will Aptos Rise to $8?
Until the two trendlines are intact, the Aptos coin rise may continue their ongoing downtrend. However, the converging nature of this trend line would eventually lead to a decisive breakout. If we lean on the side of optimism, a bullish breakout from the upper trend line could pave the way for buyers to regain control, ushering in a fresh rally. The post-breakout rally could surge the price of the $8 psychological barrier.
- Bollinger Band: The narrow range of Bollinger Band indicates increasing volatility and an imminent breakout is close.
- Moving Average Convergence Divergence: A potential crossover of the MACD(Blue) and signal lines(orange) above the midline could bolster the buying pressure.
- Relative Strength Index: The daily RSI slope rising above 50% reflects the increasing bullish momentum among traders.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
