Aptos may rise to $8 again, but here’s why a reversal is likely

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

• Aptos price action and momentum has been bullish over the past few days.
• The $7.3 barrier flipped to support, suggesting that APT could climb to $8 again, but rejection from that resistance remained likely.

Aptos [APT] has previously flirted with the $8 resistance. On July 4, the price climbed to $8.33 before being rejected to fall back to the low of $6.85 on July 10. At the time of writing, APT was once again showing strong bullishness in the lower time frame.

Realistic or not, here is APT’s market cap in terms of BTC

Is this enough to break the high of a month-long range? News of the APT unlock last week saw prices drop to $6.85 before recovering to all-time highs a few days later. The Aptos bulls have the upper hand for now, but with Bitcoin [BTC] back below $30.8k, bearish sentiment could begin to strengthen.

Aptos traders can expect short-term gains soon

Source: APT/USDT on TradingView

The one-month range, highlighted in yellow, ran from $6.68 to $8. Over the weekend, APT bulls were able to mark the mid range at $7.34 as support. This suggested that the price might rise towards the $8-$8.2 zone.

In addition, the OBV has been slowly moving up since July 13. The RSI also remained above the neutral 50 to show that momentum was bullish, although trading volume has been low for the past two days.

The market structure on the 4-hour chart was bullish, although APT missed a strong trend on both the 4-hour and 1-day timeframe price charts. Therefore, it is a good risk-to-reward trade to short the token near the range highs, as the invalidation and take-profit levels can be clearly defined and have been respected over the past month.

Open Interest saw a steady push north, but optimistic sentiment remained lukewarm

Source: Coin analysis

The increase in OI since July 15 was $5 million. It has moved up slowly alongside price, but its size has not been large enough to support the idea of ​​bullish sentiment. Rather, it was more likely that speculators were sidelined, with a few more bullish than the majority.

How much are 1, 10 or 100 APT worth today?

To contradict this idea, the spot CVD showed a positive slope. The steady rise since July 13 suggested that demand was outpacing selling pressure and that APT was likely to post further gains.

This was in line with the price action findings. But whether the move will result in a breakout of more than $8 was unclear. The continuation of the series was the most likely outcome in the coming days.