Aptos (APT) has been gaining significant attention in the crypto world, with its recent surge past the $14 mark igniting discussions about the potential for further growth. Traders and analysts are now closely watching whether Aptos can continue its upward momentum and reach the $20 mark before the end of 2024. With strong technical indicators and key support levels holding, there are optimistic signs that APT may continue its climb.

A Strong Start for Aptos in December

Aptos has recently broken above the $14 resistance level, signaling strong bullish momentum. This price action comes after a successful breakout from the $11.30–$11.50 range, which had previously acted as a resistance zone. The shift from resistance to support at these levels marks a positive technical development, suggesting that the uptrend could continue if these levels hold.

At the time of writing, Aptos is trading around $14.24, reflecting a 12.85% rise over the past week. The coin’s recent rally has caught the attention of traders, especially as analysts are now eyeing the $20 level as a potential target. Michaël van de Poppe, a prominent market analyst, believes that the bullish trend could persist, provided key support zones remain intact.

Key Levels to Monitor

While the bullish momentum is strong, traders are keeping an eye on important resistance and support levels that could shape Aptos’ price action in the coming days. The first resistance level to watch is near the $13.80–$14.00 range, a previous swing high. If Aptos can break above this level, it could pave the way for a push toward higher targets, including the $17.00 resistance zone, which has historically been a strong barrier for the coin.

Beyond $17, the next significant level is $20, a price point that many traders believe Aptos could reach before the end of the year. However, breaking through these resistance zones won’t be easy. There could be some profit-taking along the way, as indicated by increased exchange inflows. Traders will need to keep a close watch on these movements to assess whether Aptos can maintain its bullish momentum.

Technical Indicators Support Continued Growth

Technical indicators are providing a bullish outlook for Aptos. The Relative Strength Index (RSI) is currently at 64.44, suggesting that there is still room for further upward movement without immediately entering overbought territory. This gives Aptos some breathing room for additional gains, as the market hasn’t yet shown signs of exhaustion.

The Moving Average Convergence Divergence (MACD) also confirms positive momentum. The MACD line is above the signal line, and histogram bars are in the green, indicating that buying pressure is building. Moreover, the price is testing the upper Bollinger Band, which suggests that Aptos could continue its bullish trend as long as it stays above key support levels like the $13.00 region.

A Mixed Picture from On-Chain Data

On-chain data shows a mixed picture for Aptos. While trading volume has decreased by 28.5% to $746.39 million, Open Interest has remained relatively stable. A slight increase in Open Interest indicates that market participants are still engaged with the asset. However, a net inflow of $1.49 million into exchanges suggests that some traders may be preparing for profit-taking, which could introduce some selling pressure in the near term.

Despite these fluctuations, the overall sentiment remains positive, with many traders optimistic about Aptos’ potential for further growth.

Conclusion: Can Aptos Reach $20?

In conclusion, Aptos has shown impressive strength recently, breaking through key resistance levels and demonstrating bullish technical indicators. With key support zones holding firm, traders are optimistic that Aptos could continue its climb toward $20 before 2024 ends. However, the journey won’t be without hurdles. The $13.80–$14.00 resistance and the $17.00 mark will be key levels to watch in the short term.

As the market remains engaged and interest in Aptos continues to grow, traders will be keeping a close eye on these crucial levels to determine whether the bullish momentum will continue or face a potential pullback.