- Aptos is close to hitting a historically strong support zone that is believed to be a reversal.
- Aptos is ready to break out, with a rising RSI, weakening selling pressure, and a descending wedge pattern forming.
- RektCapital’s setup indicates APT’s possible breakout at the $7–$9 range if buyers take control, despite the bearishness from technical indicators.
Aptos (APT) is at a critical level of $4.76 and has fallen 7.5% in the last day. While there may be some short-term decline, the bigger picture does present more significant pressure to the downside. There has been more than a 15% fall over the past week and a 7.23% fall in the past month.
Source: TradingView
Aptos Eyes Upside Breakout
Despite ongoing declines, experts are saying that Aptos might be close to a breakout. Analysts at RektCapital point out that APT is sitting at a key support, which has been tested more than ten times already, a sign of strong historical demand.
A descending trendline on RektCapital’s chart reveals an overall downtrend for APT, but as long as the support level is maintained, breakout possibilities remain open. With bullish momentum (signified by a small green arrow), a rise above this region would see APT surge over 20%, hitting resistances of $7 to $9 in the upcoming weeks.
Source: RektCapital
APT Forms a Descending Wedge
In the daily chart for Aptos (APT), a wedge pattern is revealed within the major downtrend. The price is converging between two downward-sloping blue trendlines, which implies a bullish reversal as selling pressure has weakened.
The right side of the chart is showing a breakout attempt, and buyers appear to be pushing back to higher levels. A support zone (in yellow) is playing the role of a demand area, so there is potential for trend reversals if it holds.
The green arrows show that APT has the potential to break out of the wedge, and if it successfully moves beyond the wedge’s upper boundary, then the breakout has been confirmed.
Source: RektCapital
Market sentiment, as measured by the Relative Strength Index (RSI), is also increasing despite the ongoing downward trend. Moreover, a further breakout above the larger descending resistance line will support growing bullish momentum.
APT’s Breakout Is Possible
With almost none of the Moving Averages, RSI, and the Stochastic Oscillator readings tending in the positive direction, there are suggestions of some selling pressure. Thirteen Moving Averages signals a sell, one signals neutral, and one signals a buy.
Hence, there is a possibility for market dynamics to turn around. This is because the signals not only convey that the price is being squeezed downward but also indicate that it is paving the way for a large push to the upside for a potential breakout in the future.
Source: TradingView
