BTCNEARNewsPrice Prediction

APT Faced Rejection From $11, What Next?

2 Mins read

APT price displayed a channel breakout and retested the neckline of $11 in recent sessions. However, the buyers failed in their mission and faced rejection, resulting in a retracement, and the APT price slipped toward $10. Overall, the chart reflected indecisiveness, however, buyers persisted in stretching the rally inside the channel and lifted the APT price beyond $10.

APT price has reentered the channel and has taken support on the 20-day EMA mark, displaying an uptrend on the chart. Moreover, the trend is intact, and buyers will soon lead a sharp jump and crash the immediate hurdle of $11 in the following sessions. The price action displays a higher high formation, and that APT price is trading above the neutral trajectory, exhibiting buying momentum in recent sessions.

At press time, APTOS (APT) crypto was trading at $10.73 with an intraday gain of 12.32%, showing a bullish structure. Moreover, the trading volume jumped by 22.80% to $792.07 Million, delivering investor interest. The pair of APT/BTC was at 0.000238 BTC, with a market cap of $1.37 Billion. Analysts have maintained a bullish rating and suggest that the APT price will continue to spread gains in the following sessions.

APT on Daily Chart Displays a Rising Parallel Channel

APT Price Prediction: APT Faced Rejection From $11, What Next?
Source: APT Price Chart by TradingView

On the daily chart, the APT price led to a reversal and rebounded from the bottom zone of $5, surging by 100% in recent weeks. Moreover, the buyers have persisted in extending the rally followed by the crypto market pump. The trend favors the bulls and exhibits a bullish bias. Any correction near $10 is a buying opportunity, and a higher trajectory to $12 can be anticipated in the following sessions.

The relative strength index (RSI) curve stayed in the overbought zone near 65, showing a positive crossover, suggesting an optimistic outlook for the upcoming sessions. The MACD indicator showed a bullish crossover and formed green bars on the histogram, offering that the bull rally would continue in the following sessions.

Weekly Charts Reflects Bullish Crossover

APT Price Prediction: APT Faced Rejection From $11, What Next?
Source: APT Price Chart by TradingView

On the weekly chart, APT price reflected a bullish crossover and rolled above $10, depicting buying momentum in recent sessions. Moreover, the price action exhibits long buildup activity, where sellers covered their short positions and looked trapped. The APT price has also surpassed the key moving averages and is sustaining above the 50% Fib zone.

Summary

APT price reflects an uptrend and is ready to enter the blue sky zone above $11 soon but failed to break out. Amid the crypto pump, buyers are trying their best to surpass $11, but a rejection candlestick was spotted, highlighting a strong seller grip.

Technical Levels

Support Levels:  $10 and $9.50

Resistance Levels:  $11 and $11.60

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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