NewsletterIs Aptos Coin Price On Its Way To $3 Mark?
Amid a sharp sell-off in the crypto market, Aptos coin price has been falling for four consecutive days. Moreover, the ongoing downfall accompanied by rising volume indicates a high momentum bearish rally. However, the prices currently halt at $4 support and show signs of potential price reversal. Thus, a temporary pullback would replenish the bearish momentum for continuing the bear rally.
Key points:
- The Aptos coin price will continue to decline until the downsloping trendline is intact.
- The APT coin may need a significant upside pullback to stabilize prices.
- The intraday trading volume in the Aptos is $895.5 Million, indicating a 52% gain.
Source- Tradingview
From late October to early November, the Aptos price steadily fell under the influence of a downsloping trendline. The several bearish reversal triggers from this trendline indicated the traders are actively selling at this dynamic resistance.
Furthermore, with the rising negative sentiment in the crypto market, the altcoin gave a bearish breakdown from the $7.16-7 support on November 7th. This breakdown encouraged the continuation of a downward spiral, but the losses exceeded the holders’ expectations as the crypto market tumbled.
This sharp sell-off was most likely backed by the massive downfall in the FTX(FTT) crypto exchange. Thus, the post-breakdown fall plunged the prices 42% down to hit $4 psychological support.
Currently, the Aptos price currently trades at $4.3 and shows a lower price rejection candle at $4. This long-tail rejection indicates the exhausted selling momentum and a mere possibility for a bullish reversal.
If the buyers continue to defend this support, the prices rise could to $5 to $6 resistance to replenish the bearish momentum.
Technical Indicator
Relative Strength Index: the daily-RSI slope dropped into the oversold region accentuates the traders have overextended the selling activity. Thus, the oversold RSI bolsters the possibility of price reversal.
EMAs: the downsloping EMAs(20, 50, and 100) highlight a high momentum downfall in the Aptos coin.
Aptos Price Intraday Levels
- Spot rate: $4.3
- Trend: Bearish
- Volatility: Low
- Resistance level- $5 and $6
- Support level- $4 and $3
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