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- A sustained price rally could allow Aptos to retest its March highs.
- Metrics showed that APT whales were receiving more exposure in the market.
Apartments [APT] APT has been doing extremely well over the past seven days, with the altcoin recording double-digit growth. Thanks to this, the coin has managed to break out of a multi-month bullish pattern, a breakout that could soon lead to APT’s price doubling.
Aptos breaks above pattern
according to Coin Market Cap, Aptos’ bullishness has pushed the token’s price up by more than 20% in the past seven days. The upward trend has also continued in the last 24 hours as APT’s value has risen by more than 7%. At the time of writing, APT is trading at $7.11 with a market cap of over $3.44 billion.
Surprisingly, despite the recent price surge, the sentiment for Aptos has declined. This suggests that bearish sentiment around the token has been on the rise. Its social volume has also declined, confirming the altcoin’s declining popularity.
While this was happening, the token broke out of a rising falling wedge pattern. The pattern appeared in March, and APT price consolidated within it, but broke out a few days ago.
This breakout suggests that APT could see double-digit growth and retest its March highs soon. However, before targeting the March highs, the token must first jump above the $10.17 and $14.4 resistance levels in the coming weeks.
Source: TradingView
Will APT stock continue to rise?
AMBCrypto then took a look at Aptos’ on-chain data to see what they suggested in terms of a sustainable price rally. We found that APT’s trading volume increased by 71%, which generally serves as the basis for a price rally.
The open interest of a token increases as its price increases. A rise in this metric indicates that the chances of the current price trend continuing are high.
Source: Santiment
In addition, Coinglass’ Data APT’s height-to-height ratio also increased, she revealed.
This means there were more longs than shorts in the market, which looks bullish. The whale-to-retail spread on Aptos was 54 at the time of writing, according to HighBlock Capital data. A number closer to 0 to 100 indicates that whales were more exposed.
Source: Hyblock Capital
Finally, AMBCrypto analyzed the daily chart of APT to better understand what to expect from the token. According to our analysis, APT’s Chaikin Money Flow (CMF) has registered a sharp increase. The Relative Strength Index (RSI) has also stabilized above the neutral mark – a bullish sign.
Reads Aptos [APT] Price prediction 2024-25
However, the token price has reached the upper bound of the Bollinger Bands indicator, which often leads to price corrections. However, if the price continues to rise, it will be necessary for APT to climb above its resistance level near $7.5.
Source: TradingView
