APT started this week at a loss following a sudden price rejection from $7 a week ago. However, it has bounced back from a key level and is now gaining traction daily, though its bearish pattern remains intact.
The month of February has been quite boring for most swing traders as APT’s price remains relatively indecisive, subjecting the trend to a sideways movement amid bearish. Although, it attempted a surge but failed after tapping $7 on February 20.
That led to a false breakout and the gains washed away. It closed that week bearishly and crossed over into a new week at a significant loss. On Tuesday, the $5 level provided support and the price bounced back.
Meanwhile, it has been facing serious resistance under $6.5 since the price recovered from the early month crash. Several attempts to scale through this price level have proven abortive. But demand is now rising.
It just saw a daily rejection at $6.2 while approaching this resistance again. A daily close above it should signal a buy. This could fuel a major buying before pulling back. Right now, it remains bearish in the short term. A further plunge could cause more reduction before halting drops.
Source: Tradingview
The immediate $6.5 resistance remains a tough obstacle for the bulls on the lower timeframe. If they overcome it in the next few days, the next resistance for a test would be $7.67, followed by $9 and $10.6.
At $6, the closest support for this market is $5. If the price falls below it, there’s still hope for the bulls at the $4.57 level. Failure to defend it may lead to another crackdown to $4.
Key Resistance Levels: $6.5, $7.67, $9
Key Support Levels: $5, $4.57, $4
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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