Aptos (APT) price is on the verge of an extended bullish continuation as the altcoin prepares to secure a crucial resistance and flip it into support.
The investors who have refrained from profit-taking and also changed their stance are backing this outlook.
Aptos Sees Green
Aptos’ price is largely influenced by the broader market’s cues, but at present, it seems like investors’ influence is growing too. Sustaining this support is crucial for the altcoin as it would enable APT to secure the recent gains and also push further.
Aptos is currently witnessing a strong bullish crossover on its Moving Average Convergence Divergence (MACD) indicator, suggesting that the asset’s momentum is strengthening. This technical signal indicates that buyers are gaining control, and there could be further upward movement in the near future.
Read More: Where To Buy Aptos (APT): 5 Best Platforms for 2024
Aptos MACD. Source: TradingView
In addition to the positive MACD signal, Aptos enthusiasts appear to be increasingly confident in the asset. This growing optimism is reflected in the significant rise in Open Interest (OI), which has surged by 50% over the past week. The OI has jumped from $52 million to $78 million, highlighting a surge in new positions and greater market participation.
The increase in Open Interest highlights the heightened interest in Aptos, suggesting that more traders are putting their money into the asset. This could signify a bullish sentiment among market participants, who are betting on a good performance in the asset’s future.
Aptos Open Interest. Source: Coinglass
APT Price Prediction: Breaking Good
Aptos’ price can be seen trading at $6.80 and, at the same time, breaking out of the descending channel. A bullish descending channel is a pattern where the price trends downward between parallel lines but shows higher lows. This typically signals a potential reversal to the upside as the price nears the channel’s lower boundary.
APT flipping the upper trend line into support will enable a jump toward $7.66. Breaching this line is crucial as the altcoin could thus be securing the profits gained in the last few days. Upon testing this line as support, APT could continue its rise towards $9.06.
Read More: Aptos (APT) Price Prediction 2024/2025/2030
Aptos Price Analysis. Source: TradingView
However, if Aptos price fails to secure the break out from the descending channel, it could fall back inside it. This could elicit profit-taking, resulting in a drawdown to $4.84 and invalidating the bullish thesis.
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