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- 1 Aptos token price sustained above 50 day EMA and formed a bullish reversal candle
- 2 APT token price has completed the 50% retracement of the January month rally and took support at demand zone
- 3 Aptos crypto technical indicators are mild bearish but price action is still favoring the bulls
Aptos (APT) token price is trading with mild bearish cues and bears are trying to drag the price below the 50 day EMA to show its dominance on the higher levels but the prices are near to the important demand zone and the downside seems to be limited. Currently, the pair of APT/USDT is trading at $12.7122 with an intraday loss of 5.48% and the 24-hour volume to market cap ratio at 0.3212
Will APT token bounce back from the demand zone?
Aptos (APT) token price seems to be cooling off from the higher levels by forming a rising flag pattern which shows that APT prices can anytime see a sharp bounce back from the lower levels and trap the short sellers.
In the month of January, Aptos (APT) prices had witnessed a massive surge in the buying volume and bulls managed to reclimb the price above the 50 day EMA which has grabbed the attention of the crypto traders as well as investors and prices rallied 330% approx in the short period of time. Later, the overall market sentiment turned mild bearish and the rally took halt at the $20.00. After consolidating for some time near the supply zone at $20.00, APT traders have started profit booking and prices took the downward direction. However, According to technical analysis, APT prices had completed its 50% retracement and expected to bounce back from the demand zone mentioned in the chart.
On the other hand, if the market sentiment remains negative then APT prices might slip below the 50 day EMA which will be the initial signs of weakness but by looking at previous rally it seems like $10.00 will act as a strong support level for the long term investors. The technical indicators of Aptos like MACD had generated a negative crossover indicating bearishness to continue for some more time whereas the RSI at 45 near to the oversold zone. However, the price action and the short term trend is still in the favor of bulls.
Summary
Aptos (APT) token price had shown a massive rally in the January month and had also witnessed some aggressive buying volume indicating strength but prices got over extended and needed short term correction. Technical analysis suggests that prices are still in bulls grip and expected to hold $10.00 level. However, if the price drops below $10.00 then it will surely create concern for the long term investors.
Technical levels
Resistance levels : $16.00 and $20.00
Support levels : $10.00 and $8.00
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
