- Aptos’s price has dropped by 55% since April, showcasing the strong selling pressure.
- The APT price has been struggling between the 200-day EMA and the major support level of $8
The chart structure displays that the Aptos crypto price has managed to defend the major support level of $8 YTD. As per the chart, the APT price remained bullish till March, but the trend flipped to bearish, dropping to the $8 mark.
From the beginning of 2024, the APT has been struggling between the $8 and $10 marks. In the last week of February, the price triggered a breakout from the parallel channel but was unable to hold for a longer time and slipped back to the channel.
Turning to the technical indicators, the histograms have reversed to red, and the MACD has created a bearish crossover with the signal line. RSI is 38 and is heading for the oversold zone. Overall, the technical indicators are favoring the bearish forecast.
Price vs. Volume Analysis
The volume graph suggests that the trading volume has decreased since the beginning of June, but the price is not correlated. Moreover, the volume has dropped 30% in the last 48 hours, and the price reacted negatively.
Weekly Contracts Increased by 15%
In @Aptos , active weekly contracts have seen a significant increase, up by more than 15% from last week.
— Cristinatinto (@nft_pokeworld) June 12, 2024
Additionally, there have been 42 new contracts this week, bringing the total to over 2.6k. pic.twitter.com/DuSFTKaNvx
A source on X claimed that the weekly contracts have increased by 15%, and this significant change may affect the price positively. Moreover, 42 new contracts have been introduced, and the total number of contracts has surged to 2604 as of June 13, 2024.
Aptos Price Technical Analysis Over 1-D Timeframe
At press time, APT traded at $7.97 with an intraday loss of 3.51%. The market capitalization is $3.59 Billion, and the 24-hour trading volume is $175.46 Million. The circulating supply is 450,107,018 APT, and the total supply is 1,100,677,663 ATP.
For the past few weeks, the price has failed to reach the last swing high and remained bearish, which shows the sellers’ grip. The current cryptocurrency sentiment is bearish and is expected to be a breakdown in the altcoins.
Suppose the price starts trading below the major support level and sustains, then selling pressure can be observed. If the price slips below the $5 mark, it may record a new all-time low.
Alternatively, buyers may show interest if the Aptos price bounces back and exceeds the 200-day exponential moving averages, and bullish momentum can be expected.
Conclusion
Aptos cryptocurrency is currently facing strong selling pressure and struggling to maintain its price above the major support level of $8. The recent bearish trend and the decrease in trading volume indicate a challenging situation for Aptos. On the positive side, the increase in weekly contracts and the introduction of new contracts could positively impact the price.
Technical Levels
Aptos crypto price may face resistance from the $10.00 and $14.30 levels while it is expected to take support on the $8.00 and $5.00 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.