APT has been trading in a range since October 13. Given recent market activity, a rally seems likely.
#Aptos [APT] shares have failed to sustain initial enthusiasm despite rising 29.61% over the past month. It has fallen 1.91% in the past week, despite a slight 0.25% rise in the past 24 hours.
Whether this slight upward trend will continue - AMBCrypto's analysis gives an idea of what to expect.
What does the consolidation phase mean for APT? Since October 13, #APT has been in a consolidation phase, reflecting market neutrality, with prices fluctuating between a clear support level at USD 9.81 and resistance at USD 10.61.
Although this phase is neutral, it often signals a period of accumulation, as market participants buy APT in anticipation of an upside breakout.
If the upward movement materializes, APT could rise to a peak at USD 10.74. Otherwise, it may look for liquidity ahead of a possible rebound and fall to the lower demand zone.
Current technical indicators point to supportive upside potential.
According to the moving average divergence (MACD), APT is likely to rebound. This is indicated by the formation of a golden cross pattern as it continues to trade in positive territory.
A golden cross occurs when the blue MACD line crosses above the orange signal line, and is usually accompanied by an increase in volume. Reinforcing this bullish signal is the fact that the MACD line is already in positive territory, reflecting strong asset sentiment.
In addition, the Relative Strength Index (RSI), which measures the speed and change in price momentum, is in bullish territory and is above 50 at the time of publication. This means that APT prices are well positioned for a rally and could be the cause of an uptrend that would change the direction of the market in favor of the bulls.
According to Coinglass, the open interest in APT has declined slightly over the past 24 hours by 1.65% to $ 215.99 million.
Read us at: Compass Investments
