Aptos (APT) Price Could Skyrocket As It Attracts Investor Attention
The price of Aptos (APT) has rebounded from long-term support and is showing short-term bullish signals. It is expected to recover in the near future.
Recently, the largest cryptocurrency exchange in South Korea, Upbit, experienced a concerning incident where a significant amount of fake APT tokens were sent to many user accounts. While this could cause substantial damage to Upbit, it has drawn the attention of investors to APT. This attention may increase market demand.
Weekly Outlook
The price of Aptos (APT) has been declining since reaching an all-time high of $20.5 in late January 2023. This downward movement brought the price back to the previous resistance level at $5.3, which was expected to provide support.
Indeed, the bulls have successfully defended this level in recent weeks. The special thing is that the last 2 weekly candles were all Spinning top candles with positive closing levels and higher volume than the previous 3 bearish candles (green ellipse). This suggests that the bulls are buying aggressively at lower levels.
If a recovery occurs, the APT price could rise to the significant horizontal resistance at $8.2.
Short-Term Breakout
The daily chart supports the outlook for price increases from the weekly timeframe. It shows that the APT price has broken above a short-term descending resistance line formed since August 20. This indicates that APT may have begun a recovery, at least in the short term.
The nearest target is found at $6.
The daily RSI (Relative Strength Index) supports further upward movement as it is above 50 and trending upwards.
Conclusion
The most likely outlook suggests that the APT price will increase in the coming days. The nearest target is at $6, with a higher target at $8.2.
This bullish view would be invalidated if the price breaks below the support area at $5.3.
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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