• APT surged 17% to $10.05, its highest level in seven months, and was on track to rise 94% to $19.35.

  • The Aroon up line is at 100% while the bullish Parabolic SAR suggests strong upside momentum and trend continuation.

  • The positive funding rate is in line with traders’ bullish sentiment, but profit-taking could trigger a pullback to $7.54.

APT, the governance token of layer-1 blockchain network Aptos, has gained 17% in the past 24 hours. Currently trading at $10.05, it is the best performer among the top 100 cryptocurrencies by market cap during the period.

APT is expected to continue to rise amid continued buying pressure. If it successfully breaks through the long-term key resistance level, it is expected to achieve double-digit gains.

APT becomes a hot topic

As of this writing, APT’s Aroon upper line is at 100%, confirming the strength of its uptrend. The Aroon indicator is used to measure trend direction and strength, and a reading of 100% was recorded when an asset recently reached a new high.

This is certainly the case for APT, which is currently trading at $10.05, its highest price in seven months.

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A 100% Aroon Index is considered a strong bullish signal, indicating strong upward momentum. Traders view this as a confirmation of an uptrend, suggesting that buyers are in control and prices may continue to rise in the near term.

Moreover, the bullish sentiment is further supported by the Parabolic Stop and Reverse (SAR) indicator, whose dots (which indicate trend direction and potential reversals) remain below APT’s price at press time.

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When the Parabolic SAR point is below the price of an asset, it indicates that the asset is under upward pressure and the trend is bullish. Traders interpret this as a signal to enter long positions and exit short positions.

Many of APT’s futures traders follow this bullish strategy based on its funding rate. At press time, the token’s funding rate is positive at 0.012%. When an asset’s funding rate is positive, many traders expect the price to continue to rise, increasing demand for long positions.

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APT Price Prediction: 94% Increase in the Future

If the price of APT maintains this upward trend, it will break out of the resistance level that is currently located below the long-term resistance level. If it successfully breaks through this level, APT is expected to rise by 94% to $19.35, which is the highest point reached in March.

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However, if profit-taking activity surges and buying pressure declines, APT stock could give up its recent gains. Its share price could drop to $7.54 or even to its August 5 low of $4.32.