- APT was the second biggest loser over the past 24 hours, underscoring its current bearish momentum.
- Indicators and market sentiment, however, suggest that this slowdown is only a minor setback.
CoinMarketCap reports that Aptos (APT) saw a notable decline, losing 8.09% in value over the past 24 hours. Despite this decline, the overall outlook for the asset remains bullish, driven by a gain of 36.63% over the month.
AMBCrypto has provided an in-depth analysis of why this growth is expected to continue.
APT Ready for Potential Rally
On the 4-hour time frame, APT appears bullish, having returned to a resistance-turned-support level that could serve as a catalyst for a bullish move.
The support level at $8.29 is crucial, where significant buying pressure is expected. This level is likely to hold, as indicated by a bullish Doji candlestick pattern, signifying strong buying interest at this price.
If this support level holds, APT is expected to revisit its previous high at $9.56, where a large liquidity cluster is located. Otherwise, it could trade lower, finding temporary support at $7.81.
Source: Commercial View
Bullish signals strengthen for APT
Technical indicators such as Parabolic SAR (Stop and Reverse) and Aroon Line reveal that APT may appear bearish at a glance, but the underlying trends suggest a continued bullish stance, according to AMBCrypto.
The Parabolic SAR, which uses points to indicate market direction, shows points positioned below the price bar, signaling an uptrend. This arrangement suggests that the bulls are still actively influencing the market.
Similarly, the Aroon indicator, which uses two lines – Aroon Up (orange) and Aroon Down (blue) – to gauge market movements, supports the bullish outlook.
APT is currently in a bullish phase, with the potential to move higher, as indicated by the Aroon Up line positioned above the Aroon Down line.
Source: Commercial View
Mixed signals emerge, but bulls could prevail for APT
The APT market is showing mixed signals, according to the latest on-chain metrics.
For example, Open Interest fell 10.72% to $162.74 million in the last 24 hours, according to coin mechanism. This decline hints at a bearish undertone, suggesting that derivative contracts are trending downward.
Source: Coinglass
Conversely, the APT spot market shows promising signs. A negative Exchange Netflow indicates that over $5 million worth of APT was withdrawn from multiple crypto exchanges.
Read Aptos (APT) Price Prediction 2024-2025
This activity suggests a potential near-term rise in the price of APT and portends an upcoming supply squeeze.
For APT to return to an uptrend, an increase in open interest with more long APT positions would be necessary.
