Aptos eyes $14.42, but here’s why a pullback may come first
- APT recently hit $10.41, a key level that could signal whether a short-term rally is on the horizon or if a downturn is more likely.
- Several indicators suggest APT may pull back before making its way toward $14.42, a near-term target for the token.
The past month has been a standout period for Aptos [APT], which surged by 63.30%. In the last 24 hours alone, strong buying momentum pushed the price up by 18.17%, even as most altcoins struggled in a volatile market.
Despite the recent gains, AMBCrypto’s analysis suggests APT is set for another rally, potentially adding to its recent upward momentum.
Short-term rally remains in play for Aptos
APT appears set to continue its upward momentum after trading past the $10.41 mark, where it faced significant selling pressure at this level.
In the last 24 hours, APT’s trading volume has surged by 174.19%, reaching $581.21 million, while its market capitalization climbed by 20.86% to $5.17 billion.
For Aptos to push toward its short-term target of $14.42—a level identified as holding significant liquidity—it must first break through the resistance at $10.41. Meaning, its volume will need to maintain a positive increment as recorded.
If APT fails to clear this resistance, it is likely to retrace to the $8.39 support level, where it may seek renewed buying momentum to sustain its upward trajectory.
AMBCrypto’s analysis of current technical indicators suggests that APT is likely to experience a pullback from its current levels.
A slight dip before the rally to $14.42 target
APT is likely to experience a minor pullback before resuming its rally toward the short-term target of $14.42, according to key technical indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF).
The CMF, which measures liquidity inflows and outflows to assess market sentiment, indicates a minor sell-off in the market, signaling that some traders are cashing out.
Similarly, the RSI has shown a slight decline, with momentum barely tilting downward. If this trend continues, APT’s price is expected to follow suit with a brief downturn.
However, despite these indicators, the market remains largely bullish. Both the CMF and RSI are still in positive territory, suggesting that the overall trend remains upward.
AMBCrypto’s analysis also identified other supporting factors that indicate APT is likely to stay within bullish territory following this anticipated retracement.
Rising open interest and funding rates signal Aptos rally
At the time of writing, APT is seeing positive momentum in both Open Interest (OI) and Funding Rates, positioning it well for a potential rally and maintaining its bullish outlook.
Open Interest, which measures the number of unsettled derivative contracts on APT, has shown a significant increase.
Read Aptos’ [APT] Price Prediction 2024-25
Data from Coinglass indicates that OI has risen by 61.13% to $264.74 million, signaling that more long contracts have been opened, with existing ones being maintained.
Similarly, the funding rate has seen a notable increase, reaching 0.0148%. This means that long positions are paying shorts to balance the futures and spot market prices, further supporting a bullish market sentiment.
Source: Aptos eyes $14.42, but here’s why a pullback may come first