Is Aptos on a Price Upward Trajectory? 7.85 Dollars Support Holds the Key

Crypto News– One month ago, Aptos managed to surpass the significant psychological threshold of $7.20, but the substantial gains the token offered led to considerable profit-taking by cryptocurrency holders. Consequently, the APT price experienced a dip, dropping to $7.03.

Is Aptos on a Price Upward Trajectory? 7.85 Dollars Support Holds the Key

Before rebounding above the $7 mark, APT had briefly fallen as low as $6.48. However, it was at this point that a support level formed, initiating an increase to $7.12 on November 4. Although the price has since retraced, crypto investor and trader Crypto Tony remains optimistic.

According to Tony, considering an extended position for tokens might be a prudent move. Nevertheless, in his post on X (formerly Twitter), he emphasized that certain conditions must be met for the anticipated price ascent.

The Rebound Follows the Dip

As mentioned in the earlier post, Tony pointed out that APT needed to overcome a resistance level (potentially around $7.18, as indicated below) to make a jump toward $7.85. Following this achievement, the cryptocurrency’s price could continue its upward trajectory.

On the 4-hour chart for APT/USD, the current strength exhibited by the token appeared to be reasonably favorable. This assessment was based on the Relative Strength Index (RSI), which stood at 57.15 at the time of writing.

This RSI reading signifies a healthy level of buying pressure. However, it might not be sufficient to propel the token above the $7.18 mark. To give APT a chance of reaching the $7.85 support level, the RSI reading should ideally cross the threshold of 65.00.

MACD and CMF Indicators Favor the Bulls

Consequently, there’s a potential scenario where the token could reclaim the $7.20 mark. To accomplish this, the token’s buying momentum must remain robust. Another factor supporting the bullish outlook is the Chaikin Money Flow (CMF).

The CMF assesses the interplay of buying and selling pressures in the market. Given that the indicator predominantly resides in negative territory, it suggests a strong buying momentum driving APT’s price action. Consequently, a substantial downturn might not be in the cards.

This view is further substantiated by the Moving Average Convergence Divergence (MACD), which, like the Awesome Oscillator (AO), has also exhibited a bullish crossover.