Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- Aptos remained bearish on the 12-hour time frame
- $3.26 million worth of long positions were liquidated
Aptos [APT] remained below the $10 psychological level, with sellers poised to extend the coin’s dip. Bears flipped the $10 level from support to resistance on May 1, and the price struggled to break above the new ceiling.
In the past 24 hours, APT posted a slight gain of 1.28%, giving bulls a chance to push prices back up. BTC’s recovery to USD 29,000 could provide buyers with more leverage and spur a bullish breakout for Aptos.
Read Aptos [APT] Price Forecast 2023-24
Breaching the $10 support level offered opens more opportunities for shorting
Source: APT/USDT on trade view
The Aptos market structure on the 12-hour time frame has been bearish since January 2023, with the price of APT hitting a series of lower highs.
Over the past month, the price settled in a range with the $10.8 level acting as support and $13 as resistance in the four-hour time frame. Selling pressure in the past 72 hours pushed the price below the $10 support with APT trading at $9.7, at the time of writing.
The 50 and 100 SMA remained above the price, thus confirming the downtrend. The Relative Strength Index (RSI) was also below the neutral 50 and declining demand was reflected in a drop in On-Balance Volume (OBV) of 7.04 million.
A bullish breakout for Aptos from current levels could target the $13 resistance. Alternatively, sellers could lower the price, targeting the January swing low of $7.5.
Is your wallet green? Check the APT Profit Calculator
Shorts rule the futures market
Source: Coinalyse
According to data from Coin analysisaggregate spot Cumulative Volume Delta (CVD) continued its decline, confirming prevailing bearish sentiment
In addition, $3.26 million in long positions were canceled out of total liquidations of $4.07 million over a four-day period. On the other hand, short positions saw only $751.47k in liquidations, indicating that longs paid short positions.
In general, sellers could try to extend their dominant position. However, BTC’s recovery could catch bears. Traders should keep an eye on BTC price action alongside new developments around Aptos before taking any action.
Source: Coinglass
