Aptos price went ballistic on January 9 exploding as much as 442% from $3.7 to record new all-time highs (ATH) above $20 on January 30. However, the price has since turned down from that level after sellers regained control of the market on Tuesday.
APT is among the top five crypto losers today with 9.93% losses in the last 24 hours, according to data from CoinMarketCap. The losses are led by BitDAO (BIT) which is down 16% on the day. Coming in second is the play-to-earn token (P2E) Axie Infinity (AXS) which has lost 11.23% of its value since yesterday. Gala (GALA) and Decentraland (MANA) come in third and fourth positions with 9.99% and 9.45% losses respectively.
Aptos Has Been Bullish Since The New Year
APT’s New Year breakout has been remarkable, following a long period of consolidation when the buyers and the sellers fought for control. The New Year rally has seen the Aptos price break through key stubborn resistance levels including the 50-day simple moving average (SMA) and the October 23 ATH at $10.35.
This provided the hindwinds required by APT to discover new levels on the upside. The Aptos price has been unstoppable leading top crypto gainers for a number of days with investors hoping that its value will continue to grow.
Top 5 #Crypto Gainers 📈 and Losers 📉 this week!
We see Aptos (#APT) leading the gainers with a 59.8% surge while Maker (#MKR) is down by 6.5%.
Do you own any of these coins? 😮
See the full list: https://t.co/hE7fiQBGQB pic.twitter.com/bOYblUGJTg
— CoinGecko (@coingecko) January 28, 2023
Nevertheless, despite the amazing recovery, the trend proved inorganic as bears easily recovered the market.
At the time of writing, APT price is hovering at $16 recording a 24-hour trading volume of $1.78 billion and a live market cap of $2.66 billion, which ranks it at #26 on CoinMarketCap.
Aptos Bulls Eye A Move To $50
APT was trading at $10.39 on January 26, but the price began to drop towards the end of the day, declining nearly 11% from the day’s high.
The Aptos price bounced off the support at $17 rallying 10% to $19. Selling pressure from the $20 psychological level zone saw the price turndown to find consolation from the $16 buyer congestion zone preventing the price from dropping lower in Tuesday’s session.
Aptos price action since the start of the month has formed a bullish flag chart pattern as seen on the technical chart below. This is a highly bullish technical pattern that indicates that APT’s uptrend may possibly continue in the near term.
Accordingly, the price is facing immediate resistance from the flag’s upper boundary at $18. A daily candlestick close above this level would confirm the continuation of the uptrend with the first line of resistance emerging from the equal highs at $20.43.
If bulls can push the price past this level, it would set the path for them to reach the technical target of the governing chart pattern at $50. This would represent a 207% rise from the current price.
APT/USD Daily Chart
Besides this bullish chart formation, the position of the relative strength index (RSI) in the positive region added credence to APT’s bullish outlook. The price strength at 71 hinted at the presence of more buyers than sellers, which could push the price higher.
Moreover, the parabolic SAR indicator was still positive after flipping bullish and moving below the price at the start of the month. This favors the upside.
On the downside, RSI showed that the Aptos price was massively overbought, suggesting that a trend reversal is in the offing. This trend-following indicator is facing downward, showing that overhead pressure from the flag’s upper boundary is very intense and that the ongoing correction may continue in the near term.
As such, if the price falls below the flag’s lower boundary at $16 and cracks through the support offered by the $11.75 demand level, it would trigger massive sell orders that could see Aptos price pull back toward the 50-day and 100-day SMAs at $7.2 and $6.8 respectively.
If this support is also lost, the APT price may take a free fall to the $3.72 support floor. Market participants could expect Aptos price to take a breather before making another attempt at recovery.
Is it Time To Buy APT?
Those seeking to buy Aptos around the same levels should wait for the price to break above the flag and produce a daily close above the equal highs at $20.43. This would set investors on a path to get up to 200% gains if the price completes the technical pattern.
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