Aptos (APT) is trying to exit the descending channel
The chart on Aptos shows an interesting picture: it seems that the altcoin is ready to break out of the downtrend and rush upwards. Let's see whether to wait for APT growth
Investors have also come to the aid of Aptos. The market's interest in the altcoin is growing, which may support APT's ascent.
Aptos is in the green zone
Basically, Aptos is feeling so good amid the overall market recovery after a major drawdown. However, APT investors are also playing an important role - their growing interest in the altcoin is supporting its rate.
The moving average convergence/divergence indicator (MACD) shows a strong bullish crossover signal. This pattern indicates that APT buyers are increasing their control over sellers, and the dominance may grow even more in the future.
In addition to this, investor confidence in Aptos is also growing. Their growing optimism is reflected in a significant increase in open interest (OI). Last week this indicator increased by 50% from $52 mln to $78 mln.
Such tendency shows that more and more traders are investing money into the asset now. As a whole, all the described factors outline a strongly bullish picture for APT.
Earlier, Aptos Labs came up with a new way to sign transactions in the blockchain. All the details are waiting for you in this article.
APT forecast: rally ahead
At the time of writing this analysis, APT is trading at $6.63, having shown no expressive dynamics over the day. At the same time, the token has grown in price by 33% over the last seven days.
The chart below shows that Aptos is exiting the descending channel. When the price of an asset approaches the lower boundary of such a channel, it usually signals a potential upward reversal.
If APT is able to turn the upper trendline into support, it faces the prospect of a surge to $7.66. Overcoming this line is a fundamentally important step. Only in this way will the altcoin be able to lock in all the profits made in recent days.
In the event that Aptos successfully tests the upper line of the channel as support, then it will be able to continue to grow up to $9.06.
There is a negative scenario as well. If APT fails to get out of the descending channel, it risks getting stuck within it. Then we should expect profit taking and a decline to $4.84. Such a scenario would refute the bullish thesis.
Earlier, the former head of BitMEX Arthur Hayes told us under what conditions the altcoin season can begin.
