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Aptos is demonstrating early signs of a rebound amidst critical resistance levels, raising questions about its market sustainability and direction.
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With recent trading at $6.18, Aptos presents a scenario where a break through resistance could accelerate its recovery towards higher price targets.
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“If APT can surpass resistance at $6.19, we could see a surge towards $7.82,” a market analyst from COINOTAG noted.
Aptos indicates potential recovery amid resistance; a break could lead to significant price increases despite declining market interest.
Aptos: Will it break through key resistance levels?
Aptos has experienced considerable price movements recently, specifically a high of $9.80 followed by a drop to its current trading range around $6.19. Breaking this resistance is crucial as it opens a pathway potentially leading to $7.82 and beyond.
The cryptocurrency’s future trajectory heavily relies on its ability to overcome this barrier. If resistance persists, critical support could be tested at $5.68, necessitating attention in the upcoming trading sessions as indicators suggest potential volatility.
As of now, Aptos’s Relative Strength Index (RSI) registers at 38.35, hinting that APT is approaching oversold conditions. This could signal a robust rebound if buying pressure manages to escalate, leading to a more favorable sentiment among traders.
Source: TradingView
Analyzing the impact of recent liquidations on APT
Aptos has recorded significant liquidations amounting to $9.96 million, with the majority affecting short positions. These forced closures have resulted from an unexpected price increase, catching many short-sellers off-guard.
This notable uptick in liquidations has the potential to invigorate the ongoing rally by generating additional buying pressure, which could lift APT’s price further if selling positions continue to dissolve.
Source: Coinglass
Concerns surrounding Aptos’ Social Dominance
Recent trends indicate a worrying decline in Aptos’ Social Dominance and overall Volume, which have dropped significantly. Currently, Social Volume is recorded at a mere 16 mentions, while Social Dominance is at 0.072%.
This downward trend raises pressing concerns regarding the sustainability of Aptos’ current price movements. A continued reduction in social engagement could inhibit APT from maintaining any momentum gained in price. Hence, an increase in community activity will play a pivotal role in fortifying its current position.
Source: Santiment
Conclusion: Assessing Aptos’ potential for sustained momentum
Despite the positive indicators from the TD Sequential, APT is up against considerable challenges that could impact its ability to sustain an upward trajectory.
The cryptocurrency must clear significant resistance levels to capitalize on recent price action successfully, and a resurgence in Social Dominance and Volume is imperative for any consistent rally to occur.
If Aptos can surpass these critical hurdles, it stands a favorable chance of elongating its gains. However, without renewed interest from the market and a solid breakout above resistance, its current upswing might only be transient.
In conclusion, while Aptos displays resilience, its longer-term momentum remains uncertain and hinges on key market dynamics in the upcoming sessions.
