- Aptos (APT) is consolidating between two important horizontal support and resistance levels.
- Both price action and RSI readings are giving mixed signals.
- The price’s breakout or breakdown from the nearest horizontal levels will determine the future trend.
Aptos (APT) price is trading between critical support and resistance levels. Its breakout or breakdown can determine the future trend.
Both price action and Relative Strength Index (RSI) readings are giving mixed signals, so both bullish and bearish possibilities are currently valid.
Aptos Price Approaching Annual Low Level
APT price has been trading below a falling resistance line since the beginning of February. Therefore, as long as the line is in place, the trend can be considered bearish.
During this time, APT price traded above the long-term $10.20 horizontal support area.
This area had previously provided resistance in October 2022 and then turned into support, so it is a critical area.
In early May, APT price fell out of the area, indicating a bearish trend.
Then, on May 12, it fell to $7.70, confirming the $8 horizontal area as support. Now, APT price is trading between average prices of $8 and $10.20.
APT Price Forecast for April: More Gains Expected
Technical analysis on the 12-hour time frame provides a mixed Aptos price forecast as there are arguments for both bullish and bearish sides.
On the bullish side, the price bounced at a support level of $8.20. In addition to the previously mentioned horizontal support area, the level also coincides with a support line of a descending parallel channel.
These channels usually contain corrective movements, so eventually breaking out of the channel is the most likely scenario.
However, the price also lost the critical 0.618 Fib retracement support level. According to the Fibonacci retracement levels principle, after a significant price change, the price is expected to partially retract or return to a previous price level.
The 0.618 level is where corrections usually end. Therefore, its loss is a sign that the trend is bearish.
Additionally, the RSI provides a mixed reading. The indicator has moved out of the oversold zone (green circle) and is increasing, but it is still below 50.
Therefore, the APT price forecast will be determined by the price’s breakout from the channel or the falling resistance line. Both are still possible due to the mixed readings in price action and RSI.
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