Aptos (APT) Sees Green Amidst Recent Downturn

Aptos (APT) Sees Green Amidst Recent Downturn

Crypto News – After enduring a turbulent period leading to a multi-week low, Aptos (APT) is now demonstrating resilience as it embarks on a potential recovery, offering hope to bullish investors.

Trading at $12.43, APT’ price has rebounded from the support level at $12.04. This upturn presents an enticing opportunity for bullish investors who have weathered significant losses in recent days.

Analysis of liquidation data reveals a predominant trend of long contracts facing liquidation, with over $1.85 million worth of such contracts liquidated within a 24-hour period. This indicates the losses incurred by traders who had placed bullish bets amidst the decline.

However, with the altcoin showing signs of upward movement, this trend of losses may soon dissipate.

Key price indicators, including the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), suggest a potential shift towards bullish sentiment. The RSI, which assesses the magnitude and pace of price changes, is rebounding from oversold conditions, while the MACD, which examines the convergence and divergence of moving averages, teeters on the brink of signaling a bullish crossover.

This impending shift bodes well for the future trajectory of Aptos’ price.

Looking ahead, APT’ price is on the verge of breaking through the resistance barrier at $12.67 following its bounce from $12.04. This level coincides with the 23.6% Fibonacci Retracement level, marking a pivotal point in Aptos’ price action.

A successful breach of the $12.67 resistance would propel Aptos towards reclaiming the 50% Fib line at $14.39, representing a potential rally of 15.66%. However, failure to breach this resistance could expose Aptos to a drawdown, potentially plummeting below $12.04 and invalidating the bullish thesis, with a possible downside target of $11.00.

In conclusion, Aptos (APT) exhibits signs of recovery amidst recent volatility, offering a glimmer of hope for bullish investors while presenting potential challenges ahead.