Aptos (APT) has recently triggered a buy signal on its weekly chart, suggesting a potential rebound for the cryptocurrency. However, while the outlook looks optimistic, several obstacles remain, and it’s unclear whether the momentum can be sustained in the coming days.
As of the latest update, Aptos is trading at $6.18, reflecting a modest increase of 1.19% in the last 24 hours. Despite this uptick, the key question remains: can Aptos continue its upward trajectory, or will it face additional resistance before rallying past $7?
Aptos has experienced significant price fluctuations recently. After reaching a high of $9.80, the price has encountered heavy resistance and currently hovers just above $6.00. The cryptocurrency has been struggling to break through this critical level. If Aptos can push past the $6.19 resistance, it may spark a rally toward $7.82 or even revisit its previous high of $9.80.
However, if resistance continues to hold firm, the price could fall back to key support at $5.68. The next few trading sessions are critical in determining whether Aptos can break free from its consolidation phase and resume an upward climb.
The Relative Strength Index (RSI) for Aptos is currently at 38.35, nearing oversold conditions. This indicates that the cryptocurrency may be due for a rebound if buying pressure picks up. The recent buy signal on the TD Sequential indicator further adds to the bullish sentiment, suggesting that Aptos could see a price bounce in the short term.
Recent liquidations in the market have also played a role in the price increase. Aptos has seen a significant surge in liquidations, amounting to nearly $10 million, mainly from short-sellers who were caught off guard by the price uptick. As more short positions are liquidated, the buying pressure may continue, potentially adding fuel to the current rally.
Despite the recent price uptick, there are signs of waning interest in Aptos. Social Dominance and Social Volume have both been on the decline, with social mentions dropping to just 16, and Social Dominance at a mere 0.072%. This suggests a lack of enthusiasm and reduced market engagement with the project.
While this may not necessarily spell doom for Aptos, it does raise concerns about the sustainability of its current rally. A rebound in social engagement, along with increased market interest, could be key to keeping the momentum going. If the decline in social activity continues, it may become more challenging for Aptos to maintain its recent price gains.
Aptos’ current technical indicators suggest that a rebound could be in the cards, especially with the buy signal from the TD Sequential. However, significant resistance levels need to be broken for the rally to gain momentum. Additionally, the declining Social Dominance and Volume pose a challenge for sustained growth.
For Aptos to continue its upward movement, it needs to break through resistance levels at $6.19, with potential targets at $7.82 and $9.80. At the same time, a resurgence in market interest and social engagement will be critical to sustaining any price gains.
In the coming days, market participants will be watching closely to see if Aptos can clear these hurdles. While the cryptocurrency shows promise, its ability to maintain momentum will depend on key market factors, including social engagement and resistance breakouts.
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