1 Aptos price is currently trading at $7.58 with a gain of 0.58% during the intraday session.
2 APT price has positively crossed the 20-day EMAs but still trades below the 50,100 and 200-day EMAs.
3 The year-to-date return of Aptos is 119.67% while the three-month return is -31.34%.
APT price saw a severe downfall during the start of June which pushed the price below $8, thereby causing a downfall of roughly 40% from the $9.20 Level. After the meltdown, the price formed support at $6 and started to recover from the losses. The bullish rally was initiated during the middle of June after the formation of the $6 support level.
The rally faced hurdles near $7.70 as the price faced rejection, which caused a retracement in the price. APT price attempted to rise above $7.70 again, but was not successful. It then entered into a consolidation zone ranging between $6.90 and $7.70 at the end of June.
The candle of July 17 successfully closed above the $7.70 level; however, bears entered the market, pushing the price back into the consolidation zone and resulting in a long wick on the upside as the price was rejected at $8.20. The move turned out to be a fakeout.
If a candle can close above $7.80, there is a possibility that the price might head toward the next resistance level of $8.25. On the other hand, if bears can push the price below $7.35, it could possibly melt down to $6.90.
Aptos Ecosystem Analysis
The daily active addresses have also witnessed a gain of 32.8% in the past three months, reaching 21,108. The daily active addresses have been rising since May 5. The daily transactions also saw a substantial growth of 381.5% in the last three months and are currently at 603,092. However, Total Value Locked has seen a decline of -31.4%, amounting to $42.3 million.
Will APT Price Decline to the $6.90 Level?
The cryptocurrency’s price has positively crossed the 20-day EMA, suggesting that there is increased participation of bulls in the market. Chaikin money flow score is -0.03, implying a slight weakness in the market. RSI trades at 54.27 and is upward sloping, signalling the presence of bulls in the market.
The bands of bollinger have contracted, suggesting a decrease in the volatility. Currently, the price is staying above the 20-day SMA and is headed toward the upper band which resides near the $7.80. The long/short ratio is 0.97 with 49.39% longs and 50.61% shorts, suggesting slightly higher selling positions in the last 24 hours.
Conclusion
The market structure and price action of Aptos is indecisive as the price might face resistance from $7.70 or it could rise toward $7.80. Technical parameters suggest that there is a strong presence of bulls in the market. Traders should wait for the price to close above $7.80 or below $7.35 before looking for any bids.
Technical levels
Major support: $6.90 and $6.00
Major resistance: $8.25 and $9.20
