- Resistance at $8.32 continues to be a hurdle for APT’s upward price trajectory
- Multiple market indicators suggest a different picture, showing that buyer confidence is still intact
Amid a broader crypto market decline affecting numerous altcoins, Aptos has displayed impressive strength on the charts, recording a 46.58% increase over the past month, along with a recent rise of 5.14%.
However, per AMBCrypto, this surge may just be the initial phase, as indicators hint at an emerging bullish trend and escalating buyer engagement.
Resistance transforms into support, propelling APT’s rally despite obstacles
After successfully breaking out of its ascending triangle, APT entered a brief consolidation stage on the 4-hour chart, declining to and finding support at $7.46—a level that had previously served as resistance. This shift has played a crucial role in its recent price surge.
Nonetheless, APT now faces a new obstacle—A resistance line situated just above its current price that needs to be overcome to facilitate further advances.
If the price can consistently trade above this threshold and continue to gain, the next vital liquidity zone would be at $10.41. Here, a price reevaluation is likely, determining the subsequent direction for APT.
Source: Trading View
Technical indicators suggest a bullish outlook for APT
As of now, several technical indicators, such as the Parabolic SAR and Moving Average Convergence Divergence (MACD), indicated that the recent market activity is strongly supported by new traders entering the market.
The Parabolic SAR, which identifies potential price reversals, displayed dots beneath the price level, signifying increasing buying momentum. An uptick in these dots would further validate the market’s buying intent.
Simultaneously, the MACD climbed into positive territory and formed a bullish ‘golden cross’—where the MACD line (blue) crosses above the signal line (orange). This formation typically indicates rising participation from market players driving the price higher.
Source: Trading View
Collectively, these indicators suggest that a bullish trend may soon unfold. AMBCrypto discovered that this is not the entirety of the story.
On-chain metrics resonate with bullish sentiments for APT
AMBCrypto also noted that APT’s on-chain metrics are aligning with its technical indicators, both signaling a readiness in the market for bullish action.
According to Coinglass, trading volume and Open Interest have risen by 18.84% and 6.35%, reaching $1.32 billion and $185.01 million respectively. These indicators, reflective of market dynamics, demonstrate considerable increases correlated with price hikes—Pointing to a consistent upward trend for APT.
In essence, market sentiment is not only optimistic that APT will overcome its current resistance line, but may also anticipate a surge towards $10.41.
