Analytics
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The price of Aptos (APT) has rebounded from an important resistance line and may soon begin an upward movement to a new all-time high.
The price of Aptos has fallen since reaching an all-time high of $20.40 on January 26th. This led the asset to a local low of $9.70 and a subsequent rebound (marked with a green icon on the chart), which confirmed the $10 horizontal area as support.
Source: Trading View
However, despite the bounce, the daily RSI has failed to rise above 50 and the APT price is once again very close to $10. As a result, neither price action nor technical indicators provide decisive clues to trend direction.
Aptos wave chart hints at explosive growth
The Aptos wave chart gives a bullish outlook. Most likely, the correction ended at the 0.618 Fibonacci support at $9.72 on March 10. Since then, the price of the asset has risen and bounced off the descending resistance line two days later. An upward move could take APT to a new all-time high of $26.87, which is in line with the 1.61 Fibonacci level.
However, Aptos has yet to break out of the $13.65 resistance area to confirm the bullish trend. If its price drops to $9.72, it could drop to the nearest support level of $7.90.
Source: Trading View
In conclusion, APT’s most likely outlook is for growth to accelerate towards a new all-time high at $26.87. A drop below $9.72 would invalidate the bullish scenario.
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