- APT token price reached the brink of a breakout zone near $6.50.
- Technical indicators suggest a potential upmove ahead.
Aptos, a Layer 1 Proof of Stake blockchain, has reflected a price-wise recovery. It has crossed the 20-day EMA mark, with a volume surge of over 25% intraday.
Fueled by the significant bullish reversal, APT looks promising. Also, the Bulls are eyeing registering a channel breakout above the $7 mark.
The Layer 1 cryptocurrency was trading inside a declining channel, and the recent price surge inspired hope amongst many traders. Meanwhile, the token was still struggling in the downward region and eyeing a potential reversal.
Trading at a discount of 68% from the 52-week high, the Aptos token witnessed a significant correction. It was traded under the bearish influence.
Aptos (APT) Eyes Breakout: Price Action Analysis
On the daily chart, Aptos token price continued to form lower low swings. It made a fresh 52-week low mark of $4.20 last week.
As many other altcoins have managed to recover the gains, Aptos is likely to breach the trendline mark. It can register a breakout soon.
When writing, Aptos traded at $6.18, up over 4.32%. It was accompanied by a trading volume surge of over 23.56% in the past 24 hours.
Regarding the market cap, the token was ranked at 27 with a market cap of $2.91 Billion. Furthermore, it has a total supply of 1.11 Billion.
APT Price Chart | Source: Santiment
The Momentum indicator (RSI) curve saw a sharp vertical spike and witnessed a positive crossover on the chart. Likewise, the MACD line crossed the signal line, hinting at the increased buying pressure.
@WorldOfCharts, in his tweet, said that APT has reached the edge of a breakout and could trigger a massive rise ahead.
$Apt
— World Of Charts (@WorldOfCharts1) August 10, 2024
Consolidating From Long Time & Approaching Towards Falling Wedge Trendline Incase Of Successful Breakout Expecting 2x Bullish Wave#Crypto #Apt pic.twitter.com/AyycZTI1FA
A Tweet by @WorldOfCharts | Source:X
Moreover, the inclining CMF (Chaikin Money Flow) suggested that the money flow for APT had increased during the week. It could affect the token’s price ahead.
Total Value Locked (TVL) Showed an Uptick
The data from DefiLlama highlighted that the APT community has responded well to the recent market reversal. It quantified that Aptos’s TVL saw a remarkable surge, which projected an increase in investors’ confidence.
Aptos (APT) currently has a Total Value Locked (TVL) of $371.61 Million with a trading volume of $50.21 Million.
Social Development and Development Activity Insights
Amidst the price increase, the social dominance data showed fluctuations and noted buzz among the investors for APT.
Social Dominance Data | Source: Santiment
The development activity data showed a significant decline. It conveyed a consistent growth drop, which displayed a lower optimism among the investors.
On-chain metrics revealed that the token might be undervalued, which means lower adoption, signifying a negative outlook.
Funding Rate Depicted a Downtick
At press time, the token’s funding rate was negative at -0.078%, which signified a bearish sentiment.
When the asset has a negative funding rate, it means that the perpetual future contract’s price is lower than the underlying asset’s price. It is a bearish sign.
Despite the negative funding rate, the Open Interest (OI) saw a surge of over 16.20% to $69.79 Million. It represented fresh, long additions in the past 24 hours.
If the token fails to cross the $7 mark, it may continue to hover in the channel’s trajectory and revisit the $6. The $5.20 mark followed this in the short term.
On the other hand, if it crosses the $7 mark, it may climb the gains and trigger a breakout soon. On the upside, $8, followed by the $10 mark, can be retested in the short term.
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.
