Date: Tue, Jan 07, 2025, 04:35 AM GMT
As the cryptocurrency market kicks off the new year with strong bullish momentum, altcoins are gaining significant traction. This surge is largely influenced by Bitcoin's (BTC) impressive rally, climbing from a December 31 low of $92K to an impressive milestone near $102K.
Riding on this bullish wave, Aptos (APT) is gaining momentum with posting over 17% gains in the past seven days and currently trading at $10.21.
Source: Coinmarketcap
Meanwhile, renowned chart analyst @JohncyCrypto has drawn attention to striking similarities between Aptos' current price action and the recent bullish rally of Sui (SUI). Over the past two months, Sui has surged by an impressive almost 120%, and analysts suggest that Aptos could be setting up for a similar breakout.
Is APT Mirroring SUI's Recent Bullish Price Action?
According to analyst, Aptos appears poised for significant growth in the near term. Here are the key highlights from the analysis:
SUI and APT Charts/Source: @JohncyCrypto (X)
1.Double Bottom Formation: The chart shows that Aptos has formed a classic double bottom pattern, similar to Sui's earlier price action. This is often a strong bullish signal indicating the end of a downtrend and the potential for upward momentum.
2.Descending Resistance Breakout: APT is approaching a key descending resistance level, much like Sui before its recent explosive rally. Analysts note that a decisive break above this resistance could trigger a parabolic move.
3.Bullish Price Targets: Following the breakout, $APT could enter a strong bullish cycle, with potential price targets at $20, $30, and even $40. This mirrors Sui's trajectory, where it surged significantly after breaking key resistance levels.
Chart Insights:
The SUI/USDT chart on the left highlights Sui’s impressive rally from its double bottom pattern, breaking ascending resistance and pushing beyond $5. Similarly, the APT/USDT chart on the right shows Aptos following a nearly identical structure, with a double bottom pattern forming and the price now challenging descending resistance near $10.
If history repeats itself, APT could experience a sharp rally akin to SUI’s performance, giving traders an opportunity to capitalize on this bullish setup.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making any investment decisions.
