Aptos (APT) is showing signs of a potential bullish breakout despite an 8% decline in the past 24 hours, with analysts targeting a possible 20% rally if key support levels hold. The broader crypto market turbulence has pushed APT below critical support, but technical indicators suggest a recovery could be imminent.
Technical Analysis Shows Bullish Divergence
According to prominent analyst Rekt Capital, APT’s recent price action has created an intriguing setup. The cryptocurrency closed below its Macro Range Low of $5.44 for the first time since establishing the $5.45-$17 trading range in 2023. Historical data shows APT typically forms three-month bases with downside wicks in this zone, suggesting the current pattern could lead to a significant bounce.
Key Price Levels to Watch
The critical level to watch is $5.44, which has acted as a major support zone throughout 2023 and early 2024. A reclaim of this level could trigger a rally toward the $6.50 resistance mark – representing a potential 20% upside from current levels.
Market Structure Development
The daily chart shows a developing bullish divergence, with the RSI forming higher lows despite price weakness. This technical pattern, combined with APT’s historical tendency to bounce from these levels, suggests the potential for a significant recovery rally.
FAQ Section
What is the key support level for Aptos?
The critical support level is $5.44, which has historically acted as a strong bounce zone.
What is the potential upside target for APT?
Analysts are targeting the $6.50 resistance level, representing a 20% potential rally from current prices.
How does APT’s current price action compare to historical patterns?
APT typically forms three-month bases with downside wicks in this zone, suggesting the current pattern could lead to a significant bounce.
As of this writing, Aptos trades at $5.02, showing a 16.1% weekly decline. Traders should monitor the $5.44 level closely for confirmation of a potential trend reversal.