Aptos native token has joined the current altcoins recovery with 15% gains in the last 24 hours. However, the price has remained trapped in a tight range as it continued to maintain a bearish trend daily.
APT’s price appeared to have reached a crucial trading area on the daily chart since the price fell to $4.57 in February. It has struggled to regain momentum as it subjected the trend to a sideways movement following an extreme drop in the volatility.
The sideways movement is captured in a range, and as we can see on the daily chart, the price is yet to move out of the range despite experiencing a slight surge overnight. While the bulls are trying to step back, the market is still much in favour of the bears.
A breakdown from the range-bound should send the asset to a new low. The market currently appeared overstretched on the daily chart. Due to this, we can expect a short recovery before dipping. As of now, there’s not enough demand to scale through this controversial trading range.
Should the demand level increase in the future, APT must increase above February’s high to activate a small push to $8. A major recovery above this key level may lead to a complete reversal in the bearish trend. The price will remain trapped in a range until a surge occurs.
Source: Tradingview
There’s still room for drops if the market resumes bearish. The $5.8 level is considered a minor support for a rebound. Support levels to watch for a retest are $5 and $4.57. A new low may surface at $4 if the price dips.
Towards the upside, APT held resistance at $7. A flip through it should pave the way for a recovery to $8.42. Failure to reject that level could fuel more increases to $9.87 and $10.8.
Key Resistance Levels: $7, $8.42, $9.87
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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