Aptos price bounces off the key support zone, eyeing a rally ahead.
On-chain data paints a bullish picture as APT’s long-to-short ratio is above one, and open interest is rising.
A daily candlestick close below $7.23 would invalidate the bullish thesis.
Aptos ($APT ) price extends its gains on Tuesday following last week's retest of its key support zone. On-chain data further support APT’s bullish outlook, as its open interest is rising and long-to-short ratio trades are above one, all hinting at a rally in the upcoming days.
Aptos bulls are ready for an upswing following a bounce from the support zone
Aptos price broke above the falling wedge pattern (formed by connecting multiple highs and lows with two trendlines) on September 21; a break above this pattern generally favors the bulls.v
APT retested the breakout level on October 1, which coincides with the 200-day Exponential Moving Average (EMA) at $7.74 and the support zone between $7.35 and $7.76. This zone is a key support level, and it rallied 20%. As of Tuesday, it continues to trade above around $9.02.
If the $7.35 and $7.76 support zone holds, APT could rally 14% from its current trading level to retest its daily resistance level of $10.26.
If the bulls are aggressive, the overall crypto market outlook is positive, and APT closes above $10.26, it could extend an additional rally of 19% to retest its April 12 high of $12.21.
