The APT token, native to the Layer-1 blockchain Aptos, has increased by 2% over the last 24 hours. However, a closer look at the daily chart reveals that this rise mirrors a broader uptrend in the cryptocurrency market.
Despite the recent growth, APT faces significant bearish pressure, which suggests these gains may not last long. The following analysis focuses on factors that support a still-present bearish outlook for APT.
Aptos is Climbing, but the Situation is Uncertain
The price of APT has dropped by 8% over the past week, pushing its value below key technical indicators like the 20-day Exponential Moving Average (EMA) and the 50-day Simple Moving Average (SMA). The 20-day EMA calculates the average asset price over the last 20 trading days, while the 50-day SMA calculates the average over the last 50 days.
If the price falls below these key levels, it usually indicates weakening momentum. A drop below the 20-day EMA signals a short-term bearish trend and potential weakening in the current price action. However, falling below the 50-day SMA serves as an even stronger indication of a possible long-term downward reversal, pointing to a loss of upward momentum.
The bearish outlook for APT is further confirmed by the MACD (Moving Average Convergence Divergence) indicator. The MACD line (blue) is currently positioned below the signal line (orange) and below the zero line, signaling a bearish trend.
APT Price Prediction: Potential Decline to $10.07?
Currently, APT is trading at $8.27, just above the support level at $7.87. If buying pressure weakens, the price may retest this support, and if it fails to hold, it could drop further to $5.66, where it may seek a new support base.
This bearish scenario could be interrupted if APT’s price rallies again due to renewed demand. In that case, the price would likely rebound from the $7.87 level and attempt to reach $10.07.
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