Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Market Trends Lift Aptos (APT) Price Up, Yet Decline Might Follow

Market Trends Lift Aptos (APT) Price Up, Yet Decline Might Follow

BeInCryptoBeInCrypto2024/11/04 14:00
By:Abiodun Oladokun

APT’s 2% spike follows market trends, but its bearish indicators suggest a potential decline if buying pressure falters.

APT, the native token of Layer-1 blockchain Aptos, has risen by 2% over the past 24 hours. However, a review of the one-day chart suggests that the Aptos price rally merely mirrors the uptick in the broader cryptocurrency market during that period. 

Despite the recent uptick, APT faces a strong bearish bias, which could erase these gains soon. This analysis explores the factors contributing to the persistent bearish outlook for APT.

Aptos Climbs, But There Is a Catch

Over the past week, APT’s price has dropped by 8%. This decline has pushed the coin’s value below its 20-day exponential moving average (EMA) and 50-day small moving average (SMA). The 20-day EMA measures an asset’s average price over the past 20 trading days, while its 50-day SMA tracks its price over the past 50 trading days. 

When an asset’s price dips below key moving averages, it indicates a negative momentum shift. A drop below the 20-day EMA suggests a short-term bearish trend, pointing to weakening recent price action. In contrast, falling below the 50-day SMA is a stronger signal of a potential longer-term trend reversal, implying that upward momentum may be fading.

Read more: Aptos Crypto (APT): A Guide to What it Is and How it Works

Market Trends Lift Aptos (APT) Price Up, Yet Decline Might Follow image 0APT 20-Day EMA/50-Day SMA. Source: TradingView

The setup of APT’s moving average convergence/divergence (MACD) reinforces the bearish outlook. Currently, the MACD line (blue) is positioned below both the signal line (orange) and the zero line.

As an indicator of price trends and momentum, the MACD helps identify potential buy or sell signals. This alignment indicates a strong bearish trend, suggesting that overall momentum is negative and confirming that APT is in a downtrend.

Market Trends Lift Aptos (APT) Price Up, Yet Decline Might Follow image 1APT MACD. Source: TradingView

APT Price Prediction: Charting the Path to $10.07

At press time, APT is trading at $8.27, holding just above a support level at $7.87. If buying pressure weakens, the price may test this support, and failure to hold could see APT plunge further to $5.66, where it might seek to establish a new support base.

Read more: Where To Buy Aptos (APT): 5 Best Platforms for 2024

Market Trends Lift Aptos (APT) Price Up, Yet Decline Might Follow image 2APT Price Analysis. Source: TradingView

This bearish outlook would be invalidated if APT’s price rally gains strength, driven by renewed demand. In this case, APT would likely bounce off the $7.87 support and aim to climb above the $10.07 level.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Shiba Inu Community Pushes Token Toward $0,001

HappyCoinNews2024/11/14 19:00

215 Arrested in South Korea’s $232M Crypto Scam

South Korean police have arrested 215 people for taking part in a massive crypto fraud scheme

Altcoinbuzz2024/11/14 19:00

BlackRock Launches BUIDL Fund on 5 Blockchains

BlackRock, the world’s largest asset manager, just took a big step in the crypto world

Altcoinbuzz2024/11/14 19:00