Will Aptos Coin Price Reclaim The $10 Mark?

The hot controversial topic of crypto space, Aptos coin is currently trading at $9.15 with an intraday gain of 5.55%. This new layer-1 blockchain launched on Monday but received plentiful hatred from crypto investors for the lack of clarity around its tokenomics. As a result, altcoin dropped 40% on its first trading day. However, as the price action seems stable now, let’s see what technical analysis says about the future potential for the APT coin.

Key points: 

• The Aptos coin offers a bullish breakout from the rounding bottom pattern
• A breakdown will the $8.3 will invalidate the bullish influence if the chart pattern
• The intraday trading volume in the Aptos is $895.5 Million, indicating a 52% gain.

Source- Tradingview

The daily technical chart showcased a bullish outlook with the formation of a rounding bottom pattern. In theory, the U-shaped recovery indicates a gradual improvement in market sentiment and leads assets to higher prices.

The four-hour time frame chart shows the altcoin gave a massive breakout from the $8.3 neckline resistance. A significant rise in volume activity during the breakout indicates that buyers are confident that APT could sustain higher prices.

The breakout rally reached a high of $9.27, followed by a sharp reversal to retest the breached resistance. Thus, the altcoin could drop another 6.7% before it hit the flipped support of $8.3. Furthermore, the Aptos coin price showing sustainability above this level will indicate that the buyers have acquired a stable footing to raise the price.

As for the technical setup, the rounding bottom price offers a bullish for the same distance prescient from its bottom support to the neckline. Thus, the post-retest rally will drive the prices to a high of $9.63. 

In addition, this development will offer another breakout opportunity from the $9.3 resistance with a possible target of $10

Technical Indicator

Relative Strength Index: the daily-RSI slope reverted from the overbought region, bolstering the expected pullback in the Aptos coin.

EMAs: the rising 20-and-50-day EMAs reflect an ongoing bullish rally for APT price. Moreover, these EMAs could offer strong pullback support to capture dip opportunities.

Aptos Price Intraday Levels

• Spot rate: $8.88
• Trend: Bullish
• Volatility: Low
• Resistance level- $9.3 and $10
• Support level- $8.3 and $7.65