Aptos price went ballistic on January 9 exploding as much as 442 percent from $3.7 to record new all-time highs (ATH) over $20 on January 30. Nonetheless, the price has since turned down from that level after sellers regained control of the market on Tuesday.
APT is among the top 5 cryptocurrency losers today with 9.93 percent losses in the previous day, reports by data from CoinMarketCap. The losses are led by BitDAO (BIT) which is down 16 percent on the day. Coming in Second is the play-to-earn crypto token (P2E) Axie Infinity (AXS) which has lost 11.23 percent of its price since yesterday. Gala (GALA) and Decentraland (MANA) come in third and fourth positions with 9.99 percent and 9.45 percent losses respectively.
Top Losers
Source: CoinMarketCapAptos Has Been Bullish Since The New Year
APT’s New Year breakout has been remarkable, following a long period of consolidation when the buyers and the sellers fought for control. The New Year rally has seen the Aptos price break through key stubborn resistance levels including the 50-day simple moving average (SMA) and the October 23 ATH at $10.35.
This gave the hindwinds required by APT to discover new levels on the upside. The Aptos price has been unstoppable leading top cryptocurrency gainers for a number of days with investors hoping that its price will continue to grow.
Top 5 #Crypto Gainers 📈 and Losers 📉 this week!
We see Aptos (#APT) leading the gainers with a 59.8 percent surge while Maker (#MKR) is down by 6.5%.
Do you own any of these coins? 😮
See the full list: https://t.co/hE7fiQBGQB pic.twitter.com/bOYblUGJTg
— CoinGecko (@coingecko) January 28, 2023
Nevertheless, regardless of the amazing recovery, the tendency proved inorganic as bears easily recovered the market.
At the time of publication, APT price is hovering at $16 recording a 24-hour volume of trading of $1.78 Billion and a live market capitalization of $2.66 billion, which ranks it at #26 on CoinMarketCap.
Aptos Bulls Eye A Move To $50
APT was currently worth $10.39 on January 26, but the price began to fall towards the end of the day, declining nearly 11 percent from the day’s high.
The Aptos price bounced off the support at $17 rallying 10 percent to $19. Selling pressure from the $20 psychological level zone saw the price turndown to find consolation from the $16 buyer congestion zone preventing the price from dropping lower in Tuesday’s session.
Aptos price action since the start of the 30 days has formed a positive tendency flag chart pattern as seen on the technical chart below. This is a highly positive tendency technical pattern that signifies that APT’s uptrend may possibly continue in the near term.
This is why, the price is facing immediate resistance from the flag’s upper boundary at $18. A daily candlestick close over this level would confirm the to continue of the uptrend with the 1st line of resistance emerging from the equal highs at $20.43.
If bulls can push the price past this level, it would set the path for them to reach the technical target of the governing chart pattern at $50. This would represent a 207 percent boost from the present price.
APT/USD Daily Chart
TradingView Chart: APT/USDIn addition to this positive tendency chart formation, the position of the relative strength index (RSI) in the positive region added credence to APT’s positive tendency outlook. The price strength at 71 intimated at the presence of more buyers than sellers, which might propel the price higher.
Furthermore, the parabolic SAR indicator was still positive after flipping positive tendency and moving below the price at the start of the 30 days. This favors the upside.
On the downside, RSI showed that the Aptos price was massively overbought, suggesting that a tendency reversal is in the offing. This trend-following indicator is facing downward, showing that overhead pressure from the flag’s upper boundary is quite intense and that the ongoing correction may continue in the near term.
As a result, if the price falls below the flag’s lower boundary at $16 and cracks through the support offered by the $11.75 demand level, it would trigger substantial sell orders that could see Aptos price pull back toward the 50-day and 100-day SMAs at $7.2 and $6.8 respectively.
If this support is likewise lost, the APT price may take a free fall to the $3.72 support floor. Market participants could expect Aptos price to take a breather before making another attempt at recovery.
Is it Time To Buy APT?
Those seeking to buy Aptos around the same levels should wait for the price to break over the flag and produce a daily close over the equal highs at $20.43. This would set investors on a path to get up to 200 percent profits if the price completes the technical pattern.
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