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- Bullish try and push previous range-high swiftly curtailed by bears.
- Sellers’ dominance prolonged by large liquidation of consumers’ positions.
Aptos [APT] has mirrored Bitcoin’s [BTC] ranging value motion over the previous month. Whereas BTC ranged within the quick time period between $26.1k to $26.6k, APT’s oscillating value motion between $5 and $8 has stretched over a two-month interval.
Learn Aptos [APT] Value Prediction 2023-24
Consequently, the newest bullish push to interrupt previous the range-high was met with one other rejection, highlighting sellers’ benefit below the present market circumstances. Will a retest of the $5 assist yield higher outcomes for bulls?
Breaking the range-high barrier has proved too troublesome for APT bulls
Aptos started the yr on a agency bullish be aware, rising to a yr excessive of $20.3. Since then, the altcoin has fallen right into a extreme bearish downtrend dropping over 68% of its worth.
Zooming into its present value motion confirmed the shortage of buying and selling quantity which has aided the promoting strain. The dearth of liquidity has seen APT fall into range-bound motion between $5 to $8, since 10 June. This has seen the On Stability Quantity (OBV) indicator flatline across the 200 million mark over the identical interval.
Over the previous seven days, APT’s Relative Power Index (RSI) climbed above the impartial 50 mark on 9 August after a powerful bullish every day shut. Nonetheless, this transfer was swiftly curtailed by sellers with the RSI dipping below the impartial 50, as of press time.
With sellers holding the higher hand, APT might prolong the declining value motion to the $5 assist stage. This could possibly be an space the place bulls look to rally strongly from, as seen in January. Nonetheless, the important thing to a sustained bullish reversal will probably be crossing the $8 hurdle on the range-high.
Within the interim, merchants can anticipate costs to go decrease with revenue ranges at $5 – $6 value zone.
Bullish rebound makes an attempt discouraged by value liquidations
How a lot are 1,10,100 APTs price in the present day?
The Futures Market liquidation knowledge on Coinglass confirmed {that a} bullish rebound would possibly nonetheless be a way off for Aptos. Patrons recorded 99.1% losses over the previous day, amounting to $149.62k price of liquidated funds.
If Bitcoin’s value motion continues to dwindle across the $29k value zone, APT’s losses could possibly be accelerated by the promoting strain.