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- Aptos token price was up by 374% on a monthly basis and formed a giant bullish candle, at the time of writing.
- APT token price needs correction or consolidation for further upward momentum
- APT token technicals are reversing down from the overbought zone but the price action is still bullish
Aptos token price is trading with mild bearish cues and bears are trying to halt the massive rally which the APT investors had experienced in the past three weeks. Currently, The pair of APT/USDT was trading at $16.6248 with an intraday loss of 3.46% and the 24-hour volume-to-market cap ratio at 0.6959
Is the Aptos a buy-on-dip token?
On a daily time frame, Aptos token price prices had shown a massive up move of 374% on the monthly basis and has have generated a huge wealth for its investors. At In the beginning of January, APT price broke out of the $5.00 mark while forming a bullish candle and sustained above the 50-day50 day EMA which had derived the positive sentiment, and the price prices continued the upward momentum.
APT price prices took support at $12.00 and shot up 48% on a single day which indicates that some genuine buyers have taken long positions and are expecting the APT to remain bullish in a higher timeframe. However, in from the past couple of days APT price prices took a halt at $20.3576, and formed forming a rejectionrejections candlecandles indicatingindicates that the price has prices have formed a wide range and is are likely to consolidate for some time. On the lower side, $9.00 to $12.00 will act as a demand zone for the bulls.
APT technical indicators are reversing down which shows that the price is prices are lacking momentum on the higher levels and might retest the demand zone in the coming months. The MACD curve is tilting down and on the way to generate a negative crossover and the RSI curve at (72) reversing down from the overbought territories.
Summary
APT token price has prices have shown a surprising recovery from the lows and have generated a huge wealth for of the investors but price prices seems to be lacking momentum on the higher levels and is likely to enter into consolidation.
The technical analysis suggests that the APT positional trend is bullish and any short-termshort term correction will be a buying opportunity for the investors. Therefore, If the price prices retested the demand zone then traders must build long positions for the target of $20.000 levels by keeping $9.00 as SL. However, if price prices drops below $8.0000 then bear’s can drag it down towardtowards the $5.0000 levellevels.
Technical levels
Resistance levels : $20.3576 and $24.0000
Support levels : $12.0000 and $9.0000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
