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Aptos (APT) Rose Over 11% Intraday: What’s Next Move For APT?

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Amidst the downtrend, the Aptos token delivered a sudden rise of over 11% intraday and is eyeing to breach the $10 mark.

Meanwhile, the Aptos token still hovers in the downside trajectory and needs to escape the range bound moves to skyrocket the gains ahead.

Recently, a sharp bearish wave and massive distribution from the top of $18, was noted last month, which led to a sharp correction over 45%.

On a positive note, the token was made a base around $7.50, until the level is not breached, fresh selloff could not be triggered. Conversely, the upside of $10.30 is the level eyeing by the bulls to cross.

At press time, the Aptos token (APT) price traded at $9.23 with an intraday surge of 2.10%, reflecting neutrality on the charts. It has a monthly return ratio of -10.90% and 12.30% yearly, delivering a negative outcome.

The pair of APT/BTC is at 0.000130 BTC, and the market cap is $1.20 Billion. Analysts are neutral and suggest that the Aptos price may continue to replicate underperformance and remain below the 100 day EMA mark.

Buyers Vs Sellers: Who Will Supreme?

Over the past weeks, follow on selloff was noted and sellers showed their dominance. Recently, the token remained in a narrow range and was trying for a reversal.

This week, signs of buyer accumulation and a fresh bullish wave was noted and the token spiked over 15%. Still, buyers need to close above the $10 mark to stretch the upmove ahead.

Source: Santiment

Nonetheless, bullish momentum with a significant spike in trading volume is the clear indication that buyers have entered into the battle and are looking to defeat the bear army.

The RSI curve spiked above the midline zone and a positive divergence was noted.

Surprising Rise in Popularity Might Trigger Range Breakout?

A recent tweet shows that, Kevin Ang, developer growth lead in the Aptos Foundation, will reveal the latest trends and key data updates in the upcoming event #GMVN2024 which will be held from June 7-8.

Source: Twitter

Another evidence of trend reversal is the smart recovery in the social dominance data. The value soared over 43% to 0.133% and hints the increase in discussion activity and the talk among the investors on the social platforms.

Source: Santiment

Similarly, the development activity of the Aptos token reveals the bounce over 12% and spiked to the bullish region near 42. Furthermore, the token revealed the potential to recover the gains and might escape the range soon.

Total Value Locked (TVL) Soared Over 15%

This week, followed by the price up move, the total value locked (TVL) of the APT token soared over 15% signifies buying pressure.

Source: Artemis

Moreover, the buyers have persisted in accumulation and are putting efforts to attain dominance.

Futures Data Favours the Upside 

The derivative future data replicates a massive long buildup activity, highlighting the confidence of the bull army to register a bounce.

Source: CoinGlass

The open interest data revealed a surge of over 10.2% to $129.81 Million in the last 24 hours, suggesting that the token has potential to outperform in the upcoming sessions.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

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