- APT is benefiting from strong technical indicators pointing to a potential rally as it is expected to reach the double-digit mark of $10.41.
- Investor confidence remains high, as evidenced by significant capital inflows, with few indicators showing upward trends.
In the past week, Aptos [APT] is up 17.81%, largely thanks to a 13.04% increase within the daily time frame.
AMBCrypto’s analysis further supports this optimistic outlook, citing new bullish formations that confirm the asset’s strong momentum.
APT trades within an ascending triangle, keeping an eye on key resistance levels
APT is currently trading within an ascending triangle, a bullish configuration known for causing price increases. A horizontal resistance line and a rising support line characterize this pattern.
Recent price action indicates that APT has recovered from this support line and is now approaching the resistance zone at $7.45. If buying pressure overcomes selling at this level, APT is poised to break through resistance.
After a successful break, the rally could extend to the key price levels of $8.56, $9.74 and $10.41 where the price could stabilize. Conversely, if broader market trends are bearish, APT could retreat to $4.32.
Source: trading view
AMBCrypto has also highlighted several indicators that further point to bullish momentum, which could potentially help APT cross the resistance zone.
Indicators point to strong bullish momentum
At the time of writing, APT reached a notable technical milestone known as a golden cross, characterized by the crossing of the blue MACD lines over the orange signal lines. Moreover, the MACD line is currently positive with a reading of 0.05.
The golden cross is largely a bullish signal, indicating that APT’s price is likely to continue its upward trajectory from current levels.
Furthermore, the Chaikin Money Flow (CMF), which assesses both price and volume to measure the flow of money into or out of an asset, suggests that APT is in an accumulation phase.
This phase is confirmed by the CMF value increasing to 0.18, which is a strengthening.
Source: trading view
Open interest in APT indicates strong buying interest
According to Mint glassOpen interest for APT has increased significantly, up 21.16% in the last 24 hours. This substantial growth indicates increased investor interest in APT, with traders actively acquiring more of the asset.
Read Aptos’ [APT] Price forecast 2024-25
Open Interest works by quantifying the total number of unsettled derivative contracts, such as futures or options, that reflect ongoing market engagement.
Furthermore, trading volume for APT has increased to 54.04%, demonstrating vital interest in the asset. This increased activity is likely to further drive up the price of APT.