Aptos (APT) recently hit a new 7-month high but faces challenges as traders explore key support levels.
With the recent downturn, APT’s price action will determine the sentiment of the broader crypto market, highlighting the need for strategic observation.
Market analysts at COINOTAG said, “Future movement will largely depend on the ability of buyers to defend the $10.35 support level.”
Aptos (APT) is in the spotlight after hitting a new 7-month high. Learn more about its current support level and future trend forecast
Aptos Price Action: Critical Analysis of Immediate Support Levels
After an impressive rally to a seven-month high of $13.75 on Nov. 11, the cryptocurrency is now facing a critical juncture. Trading around $11.11, down nearly 8.7%, investor sentiment hangs in the balance as APT tests key support levels.
The support around $10.35 includes horizontal support, the rising trendline, and the 20-day EMA, creating a critical zone for traders. If the bulls can sustain this support, we could see a rally to $13.75 and possibly lead to a move to $15, which would strengthen the bullish case.
Impact of a break below key support level
Conversely, failure to hold the $10.35 support level could lead to a bearish phase. Traders should prepare for a period of consolidation around $9.43 (50-day EMA) and $8.40 (200-day EMA). Such movements suggest weakening buying interest and increasing the probability of further declines. The current state of the relative strength index (RSI) hovers around 56, indicating indecision; it is vital to monitor these levels closely as they can indicate future trends.
Assessing APT derivatives market sentiment
Analysis of APT derivatives shows mixed sentiment following recent price action. Open interest fell sharply by 11.96% and now stands at $251.35 million, indicating that traders are closing positions due to uncertainty. Volumes fell sharply by 25.99%, further highlighting the drop in participation.
Long/Short Ratio Reflects Market Polarization
Interestingly, the attitudes of the major exchanges are very different - Binance's long/short ratio is 3.07, while OKX is 2.39, indicating that the market is generally optimistic. However, judging by the current 24-hour long/short ratio of 0.8886, it seems that more traders are inclined to short.
Recent liquidation data also shows that long positions that were liquidated dominated, totaling approximately $2.36 million. This continued bearish pressure highlights the challenges facing bulls in maintaining a foothold amid volatility. Given these indicators, traders should keep a close eye on Bitcoin's performance and overall market conditions when making strategic decisions regarding APT.
in conclusion
To summarize, Aptos (APT) is at a critical juncture after climbing to a 7-month high. When it hits a key support level, the actions of traders will greatly influence the future market direction. Whether it rises to $15 or falls below the $10.35 support level will not only determine the future of APT, but may also reflect the underlying trend of the broader cryptocurrency market. Keep an eye on the market developments.
