- The weekly structure was reversed bullishly.
- The drop in spot CVD over the past 24 hours raised questions about a small price drop.
Aptus [APT] was bullishly poised for higher futures after beating key local resistance at $7.66. The $5.6 support has been bravely defended since July. Volatility in the crypto market also hit APT, but the $5.6 was not relinquished.
This allowed the token to post a 47% gain from $5.68 to $8.39 between September 17 and 21. The volume indicators cast some doubt on APT’s ability to sustain this move.
Weekly Structure Break Supports Bullish Aptos Price Prediction
Source: APT/USDT on TradingView
The 47% increase lasted just four days. The token flew higher towards the weekly lower high at $7.66. A weekly close occurred above this level, turning the higher time frame market structure bullish.
To turn the June consolidation into an uptrend, Aptos bulls must continue to push prices higher and reach a higher low and higher high in the coming weeks.
According to the Awesome Oscillator, daily momentum was bullish. Still, the OBV was unable to break a local high dating back to August. This was concerning because it meant the breakout was happening on lower volume.
To the north, the daily bearish order blocks at $10 and $14 represent the next crucial resistances for APT. The price reaction in these areas will show whether the uptrend can continue.
Descending spot CVD a short-term headache
The breakthrough of $7.66 was accompanied by an increase in Open Interest. This reflected short-term bullish sentiment in the futures market. This positive financing rate strengthened the opportunity for further profits.
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But while Aptos rose above $8.1, spot CVD has fallen over the past two days. This showed short-term bearishness. A price correction and dip below $8 could occur in the coming days.
The price movement over the past 24 hours seemed to be largely driven by the futures market, which could go through a short consolidation phase and price correction before the next impulse move.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
