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Aptos (APT) Price Breaks Out of Important Resistance: Exploring the Potential for Further Upside

The Aptos (APT) price has broken above a significant horizontal resistance zone and a short-term pattern. It is expected to continue rising in the near future.

Weekly Outlook

The Aptos (APT) price formed a bullish engulfing pattern (green ellipse) at the previous resistance zone of $5 in mid-October. This is a bullish pattern, signaling the comeback of bulls.

Indeed, the price has been steadily rising since then and experienced a rapid push last week.

This momentum helped the price surpass the $9.2 resistance zone this week, the final hurdle to confirm the long-term trend turning bullish.

Despite the breakthrough, the APT price has not yet achieved a weekly closing above it. This is necessary to confirm the breakout.

The weekly RSI (Relative Strength Index) has bounced up from the 50 level (green arrow) and is sloping upward, supporting the possibility of a breakout.

If successful, the APT price will likely continue to rise to the next resistance zone at $13.2, which is 32.37% higher than the current price.

APT/USDT weekly chart . Source: TradingView

Parallel Channel Breakout

The APT price has been trading within an ascending parallel channel during its upward movement. This is typically a bearish pattern that often leads to a breakdown in most cases.

However, instead of a breakdown, the APT price broke above the pattern yesterday with a large bullish candle. Invalidating the bearish channel pattern sets off a bear trap and is often followed by a strong rally.

The daily RSI has broken above the descending resistance line and is near the overbought region. Both are bullish signals, indicating an uptrend.

Therefore, the daily chart suggests that the APT price will likely successfully break above the $9.2 resistance zone on the weekly timeframe.

APT/USDT daily chart . Source: TradingView

Conclusion

The most likely scenario suggests that the APT price will rise by 32.37% to the next resistance zone at $13.2.

This outlook would be invalidated if the APT price closes the weekly candle below the $9.2 zone.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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