- Recent APT price analysis shows that it has been inside a descending channel.
- APT lost 27.98% of its value within ten days.
- The novel coin finds support at $6.89 and resistance at $8.51.
As of press time, APTOS is trading at $7.49, with a price decline of 4.61% within 24 hours. Moreover, the 4.7% reduction in market capitalization to $973,963,667.37 can also cause this price movement.
APTOS has been moving inside a descending channel on the 1-Hour chart since October 23, 2022. According to the chart above, APTOS has hit the upper trendline three times in a row but has yet to break out of the descending channel. APTOS price fell after touching the upper trendline due to the structure of the descending channel.
Since the market is heading toward the lower upper band on the APTOS price chart above, and the Bollinger Bands are contracting, it is clear that negative momentum is building. The peaks of the upper and lower bands intersect at 7.5531 and 7.1857, respectively.
The MACD blue line is currently heading upward and is above the signal line. While the signal line contacts -0.0926, the MACD line touches -0.0483. The histogram’s reading in the positive area supports this bullish outlook in the APTOS. The strong 1-hour resistance currently lies at $8.51-$8.2, and the support zone is between $7.14 and $6.89.
The RSI value of APTOS stands at 67.93. An RSI value above 50 means that people are buying APTOS rather than unloading it. To the community’s surprise, APTOS has caught investors’ eyes since it first got listed on many exchanges. Another reason is that it can be used in purchasing NFTs.
Lastly, APTOS can still be in a bearish trend since it is trading below the 50-day moving average and couldn’t break above it. If it can break out of the 50-day MA and rise higher, investors can expect APTOS to reach $10 within a few days.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
