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
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