25 February, 2024

Analyst Predicts Bull Run In Aptos Amid Bullish Pattern Breakout

11 months ago

21 Nov, 2023

Apt price extends gains for the second straight session amid a bullish breakout. A top crypto analyst Ali had identified a ‘Flag pattern’ on the technical chart.  

On April 5, the analyst posted a tweet on the microblogging site  that a bullish breakout is imminent with the formation of a bullish Flag technical chart pattern.

Source: Trading view

As seen in the above chart, a bullish flag is formed that extends from the low of $3.89 formed on January 9. A bullish flag emerged when the asset price surged exponentially in a short period of time. The Aptos price mirrored the price action starting from January 09 till January 26, and the price appreciated almost 65% during this period. The upside is followed by a sharp retracement in the price.

APTOS price corrected, after testing the high of $4, and traded inside the downward-sloping channel as shown in the above chart. The price action confirmed the classic feature of the price pattern.

After testing the low of $9.97, near the 100-day Exponential Moving Average (EMA), the Aptos price is consolidating in a short-term price range, where the lower side is capped near 9.90, and the higher side found resistance barricades near $13.80.

According to Ali, the breakout of the critical crossover of the 50-day and 100-day moving average would decide the next probable price action in the token. Interestingly, the Aptos bull picked up the momentum and breached the mentioned juncture.

This is a significant price movement as it marked a bullish breakout in the price.On moving higher, Aptos buyers could pierce the upper downward sloping line of the channel, if the buying persists in Aptos. As of writing, APT/USD is reading at $12.86%,with 3.80 gains for the day.