Aptos (APT) appears to have broken out of a medium-term bullish chart formation. However, it seems that APT has not performed as expected by investors. Instead of making upward movements, the price of the altcoin has entered a gradual downward trend over the past few weeks. As a reflection of this downward movement, there is a risk that APT’s price could drop as low as $3.20.
Aptos Coin Analysis
Last week, APT’s price appeared to have broken out of a formation that included several rising and falling wedge patterns when examining the charts. Then, after a few days of preparing for a new movement within a specific price range, the price gradually started to decline in the past two weeks. As a result, the price of the altcoin experienced a drop below the key support level of $5.40 at the time of writing. Consequently, APT is facing the risk of falling to the significant support level of $3.20.
This downside probability may become invalid if APT can create a daily candle above the recently reached level of $5.40. Subsequently, continued buying support could lead to a movement that could raise the cryptocurrency’s price to $8. In the event of an excessive bullish movement, APT’s price could continue to rise towards $10.
Aptos Coin Future Outlook
Investors and traders may also want to pay attention to the uncertain movements in APT’s daily chart. On one hand, at the time of writing, the MACD line has crossed above the MACD Signal line. Meanwhile, the daily RSI was below 45, which can be considered as a bearish sign. However, the overall trend in APT’s charts appeared to be bearish at the time of writing.
When examined on a shorter time frame, APT has shown a positive trend in the past 24 hours as it constantly moved to lower levels on the 4-hour chart during this period. If this upward momentum continues, the altcoin’s price may find the necessary support to break above the $5.40 resistance within the next 24 hours.
On the other hand, if APT fails to hold a 4-hour candle above $5.40 in the next 48 hours, it may be at risk of continuing the long-term negative trend that has been clouding its charts for the past few months. In this case, the price of the altcoin could decline to the aforementioned support level of $3.20.
