• 13 July, 2024
Market News

Aptos Jumps 4% For The First Time In The Last Five-Session; Is Rebound On The Cards?

APT price rebounds ahead of 4.5 million tokes ready to be unlocked on February 12

The price analysis for the Aptos token (APT) remains bullish for the day. The bulls managed to mark their presence following a sell-off that begins on January 26 from a high of $20.39. The layer 1 blockchain Aptos native token, $APT reached an all-time high on the mentioned date but could not sustain the gains. 

At the time of writing, $APT/USD trades at $16.04, up 7.16% for the day. The 24-hour trading volume drops 13% to $837,331,087 as per Coinmarketcap.

APT shows bullish momentum on the 1-hour chart

Source: Trading view

On the hourly chart, the recent price action of APT indicates a rebound from the lower level. The formation of a bullish hammer in the previous session after testing the low of $14.32 suggests the participation of the buyers.

The next upside barricade in the form of the 21-day Exponential Moving Average at $15.23 was successfully breached by the bulls. However, the price met another filter, the bearish trend line. The descending trend line that extends from the high of $18.67 again pushed the price lower.

However, the buyers are gaining strength as the price pulled back again, and pierced the trend line with a strong green candlestick. 

An hourly close above the horizontal resistance zone around $16.50 could see $17.00. Further, buying interest would result in $17.50.

On the contrary, a slippage toward $15.80 would be a sign of bearish sentiment.

Technical indicators:

RSI: The hourly RSI reads at 65, which indicates the market is still far from overheating.

CMF: The oscillator is positioned at $0.29, indicating positive momentum.

IOG Launches Public Testnet for Custom Sidechain Toolkit on Cardano Blockchain Read Previous

IOG Launches Public Testnet for Custom Sidechain Toolkit on Cardano Blockchain

Technicals Indicate That Bitcoin Is Primed for Greater Growth soon Read Next

Technicals Indicate That Bitcoin Is Primed for Greater Growth soon