APT continued to rise strongly for three months and hit a 7-month high of $14.11 on November 12. It then began to fall along with the broader market, but as BlackRock, the world's largest asset management company, disclosed that it had expanded its tokenized currency fund to other blockchains, including Move-programmed Apots (APT), this development has sparked speculation that the price of Aptos tokens may rise as a result.

However, although the APT price initially returned to the $12.6 level on this news, the current price has fallen back. However, APT has broken through the trendline resistance and is at a critical position where bulls seek to defend the confluence of key support levels.

The stock price fell after the release of good news

BeInCrypto reported earlier on BlackRock’s announcement, which coincided with a broader market rally, with the Aptos token price rising by 21%. However, our findings suggest that a decline in open interest (OI) was one of the reasons why APT failed to hold the $12 mark.

APT’s open interest attempted to approach $200 million on Wednesday, November 13. However, it failed to do so and has now fallen to $105.37 million. Open interest refers to the total number of active contracts in the futures market that have not yet been settled.

An increase in the OI suggests that more participants are entering the market, which could strengthen the current trend. Conversely, a decrease in this indicator could indicate that the trend is losing momentum.

Therefore, as the Aptos indicator declines, the price of the altcoin may continue to fall. In addition, the Chaikin Money Flow (CMF) indicator suggests that the price of Aptos may face challenges in rebounding.

For context, the CMF is an indicator that tracks the accumulation and distribution of an asset over a specific period of time. It ranges from -1 to +1. When the reading is rising, it means that accumulation is ongoing and prices are likely to rise.

However, in the case of APT, the index has declined, indicating that selling pressure has begun to outweigh buying pressure. If this situation remains the same, Aptos stock could fall below $11.69.

However, with mixed sentiment and key indicators showing indecision, it is important to consider Bitcoin’s performance and broader market trends before taking any action against APT.

APTs may move in this direction from their direct support level

Currently, Aptos is trading at around $11.75, down nearly 3.93% in the last 24 hours. The stock price is retesting a series of support levels around the $10.35 area, including horizontal support, an ascending trendline, and the 20-day EMA. The outcome of this retest may determine the future trend direction of APT.

If APT rebounds off the $10.35 levels, buyers are likely to target the $13.75 resistance level, which coincides with the upper trendline of the ascending channel. A successful close above this level could propel APT towards a potential upside target of the $15 mark, strengthening the bullish bias.

However, if the price breaks below the support, APT might enter a consolidation phase near the 50-day SMA ($9.43) and the 200-day SMA ($8.40). This shows a lack of momentum among buyers. Failure to hold the $10.35 support could lead to a drop to the $8 area.

Reflecting traders’ indecision, the relative strength index (RSI) is around 53. A break below 50 could signal a resurgence of bearish momentum, while a break below 60 could trigger more upward pressure.

All in all, the fate of APT currently depends largely on whether bulls can successfully defend the $10.35 support level. A potential rebound target could be $13.75. However, with mixed sentiment at the moment and key indicators showing indecision, it is important to consider Bitcoin's trend and the broader market trend before taking any action on APT.