Aptos (APT) is currently riding a powerful bull wave, with the token seeing an impressive 82% rally in recent weeks. As it challenges key technical resistance levels, Aptos is now poised for a potential breakout that could send its price soaring, with some analysts predicting a massive upside of up to 190%. The token has seen a 60% surge in the last seven days, and with the overall crypto market gaining momentum—especially with Bitcoin nearing the $90,000 mark—Aptos is among the top-performing assets in the space.
Currently trading at $12.95, Aptos is eyeing a crucial breakout point at $13.71, which is in alignment with the 78.60% Fibonacci retracement level. If the token successfully breaks this resistance, Aptos could be on track to push toward the $20 mark, possibly setting a new all-time high. However, the price has experienced a slight pullback in the short term, which traders are watching closely to determine the next major move.
On the daily chart, Aptos has shown a strong triangle breakout rally, a technical pattern that often signals continuation in an established trend. However, it is currently facing resistance at $13.71, the 78.60% Fibonacci retracement level, which has slowed the token’s recent upward momentum. After an intraday pullback of 5.46%, a bearish candle formed, suggesting some caution for short-term bulls.
Despite this, the broader trend remains bullish. Aptos’ recent price rise from $7.73 to $14.11 reflects an 82.54% increase, largely driven by a Morning Star pattern that formed at the 200-day Exponential Moving Average (EMA). This setup marks a strong bullish signal, indicating that the rally may continue once the token breaks through its current resistance level.
In addition to its technical performance, Aptos is also seeing impressive network growth. The total value locked (TVL) in the Aptos ecosystem has crossed the $1 billion mark, currently standing at $1.073 billion. This surge in TVL reflects growing investor confidence and the increasing adoption of Aptos’ platform.
Furthermore, Aptos has recently partnered with Zero1 Labs, a collaboration expected to accelerate the development of AI-powered decentralized applications (dApps) within the Aptos ecosystem. Zero1 Labs will provide developers with the tools to scale these dApps using Aptos’ cutting-edge technology, including its DeimBFTv4 consensus protocol and a parallel execution engine. This partnership could further bolster Aptos’ position in the market and attract more users and developers to its blockchain.
Currently, Aptos is encountering resistance at the $13.71 level, and while a minor pullback has occurred, the overall market sentiment remains bullish. As the broader crypto market recovers and with the continued growth of the Aptos network, the price is expected to break through this resistance and challenge the next major Fibonacci level at $18.07.
Looking further ahead, Aptos’ 52-week high stands at $20.39, but analysts believe that the token is on track to break this level. With the Fibonacci retracement tool suggesting a target of $25.66, it is possible that Aptos could achieve a new all-time high by the end of 2024. However, if the price continues to build momentum and breaks the $13.71 resistance level, a more aggressive target of $40.07—based on the 1.618 Fibonacci extension—could be in play. This would represent an astonishing upside of 190% from the current price of $12.95.
On the downside, Aptos has a strong psychological support level at $10. If the price faces any significant downward pressure, this level is expected to provide crucial support before any further downside occurs.
Aptos is showing solid technical strength and strong network fundamentals, setting the stage for a possible breakout that could push the price towards new all-time highs. The upcoming challenge at the $13.71 resistance level is key for Aptos’ near-term price action. Should the token break through this level, it could target $18.07, with a longer-term potential upside to $25.66 or even $40.07. With the broader crypto market gaining momentum and Aptos continuing to build strategic partnerships, investors are watching closely for further bullish signals.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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