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The cryptocurrency market is experiencing a day filled with red as many altcoins have taken a hit. While there’s an upward trend for APT, its trajectory is currently intertwined with Bitcoin‘s (BTC) broader movements, which are in a consolidation phase. Consequently, as the BTC price falls today, the APT price has also dropped to $14.99.
Where Is the Critical Resistance Level for Aptos (APT)?
Currently, the upward momentum in the cryptocurrency Aptos price can be evidenced by its resistance at the 78.6% Fibonacci retracement level of $17.04. Despite this rise, investors have pegged $20.40 as its peak. However, the desire to quickly reach this milestone is showing signs of potential buyer exhaustion.
The Relative Strength Index (RSI) is indicating a potential slowdown in the uptrend by moving sideways, complemented by decreasing volumes as suggested by the volume indicator.
In conclusion, the cryptocurrency Aptos price may experience a corrective fluctuation and could test the critical 61.8% Fibonacci retracement level at $14.40 before continuing its upward journey. This retracement level could serve as an important phase, offering a safer entry point for bullish investors.
Scenarios of Rise and Fall
Despite warning signals, the cryptocurrency Aptos bulls are displaying resilience, encouraging optimism for further upward potential as seen in the developing volumes of the Awesome Oscillator (AO). A successful ascent to the $20.40 target would represent a commendable climb of approximately 30% from current levels.
However, as seen in today’s example for APT, risks are involved. Breaching the 61.8 Fibonacci retracement level and falling below it could initiate a downtrend for the cryptocurrency Aptos price, potentially leading to a test of the 50% retracement level at $12.55. A break and subsequent close below this level on a weekly timeframe would invalidate the bullish narrative and cause a drop to about 25% below current valuations.
At the time of writing, the cryptocurrency Aptos (APT) price is at $15.20. The upcoming period for Aptos could signal the start of a journey towards $20.
