The lack of transparency behind its tokenomics has earned this new layer-1 blockchain a great deal of ire from cryptocurrency investors since its introduction on Monday. Altcoin suffered a 40% loss on its first trading day as a result. Let's examine what technical analysis has to say about the future potential for the APT coin, though, as the price movement currently appears stable.
Is presently selling at $9.15, up 5.55% from yesterday.
The lack of transparency behind its tokenomics has earned this new layer-1 blockchain a great deal of ire from cryptocurrency investors since its introduction on Monday. Altcoin suffered a 40% loss on its first trading day as a result. Let's examine what technical analysis has to say about the future potential for the APT coin, though, as the price movement currently appears stable.
The rounding bottom pattern indicates a bullish breakout on the Aptos currency. The chart pattern's bullish influence will be invalidated by a breakdown of $8.3, however. The Aptos' intraday trading volume is $895.5 Million, which represents a 52% rise.
A rounding bottom pattern that had formed on the daily technical chart indicated a positive outlook. Theoretically, a U-shaped rebound signals a slow improvement in market mood and raises asset prices.
The altcoin gave a significant breach from the $8.3 neckline resistance, as seen on the four-hour time frame chart. Buyers' increased volume activity during the breakout suggests that they are optimistic about APT's ability to support higher prices.
The breakout rally to a high of $9.27 before abruptly turning around to retest the broken barrier. Thus, before it reaches the reversed support of $8.3, the altcoin could decline by an another 6.7%. Additionally, if the price of the Aptos coin maintains itself above this level, it means that the purchasers have a solid foundation upon which to increase the price.
Additionally, this development will present a second chance for a breakout from the $9.3 resistance with a potential goal of $10.
Technical Indicator
Relative Strength Index: Supporting the anticipated decline in the Aptos coin, the daily-RSI slope reversed from the overbought position.
EMAs: APT price is currently in a bullish uptrend, as indicated by the increasing 20- and 50-day EMAs. Additionally, these EMAs may provide solid pullback support to seize drop opportunities.
Levels of resistance: $9.3 and $10
Levels of support: $8.3 and $7.65
