The price of Bitcoin has once again surpassed $26,500 at the time of writing this article, but it has yet to test higher levels. The critical level is at $26,800 and this region needs to be maintained as support. At the time of writing, the price is at $26,760. Meanwhile, this slight movement is causing larger fluctuations in some altcoins.
Popular Solana killer, Aptos, dropped below the $5.70 horizontal support zone in mid-August. Although it has attempted to regain this critical level this week, it has not been successful. Bulls may try to surpass this level once again to determine the direction of future trends.
APT price has fallen below a declining resistance trend line since June. Such lines measure the slope of the decline and indicate that the trend is bearish until the price breaks.
As seen in the chart below, Aptos (in red) was rejected by the trend line on August 9, accelerating the decline. Eight days later, with increased selling pressure, the price reached a low of $4.93.
As mentioned earlier, the critical area for APT Coin investors is the $5.70 region, but the RSI signals currently support the downward trend. However, the possibility of the ongoing recovery in BTC gaining momentum may present a short-term opportunity for APT Coin. If the resistance area is surpassed again, much higher levels could be seen within a few weeks.
Breaking through the resistance area due to proximity to the declining trend line will lead to a trend reversal. If this happens, the next major resistance level is $8, which is more than 50% above the current price.
So what happens in the worst-case scenario? In this case, we will likely see a continued downward movement towards $3, which is the lowest level of the year. The possibility of a 40% decrease from the current price could further unsettle investors below $4.97. In other words, a faster decline than expected is also possible.
In conclusion, the path of APT price will depend on the reaction from the $5.70 resistance area.