The Price Aptos (APT) has shown signs of recovery and has risen more than 38% in the last two weeks. Moreover, it has reached a vital trendline hurdle at $8 and is targeting a breakout.
It has been trading in a downward channel and in a downtrend for the past few weeks. However, a trend reversal was expected to be confirmed and the bulls were struggling to maintain their dominance.
After the cryptocurrency market recovered, APT price recovered from its 52-week low. Moreover, it crossed the 20-day and 50-day EMA and showed signs of a potential breakout ahead.
Aptos Price Promotion Update
At the time of publication Aptos The price was trading at $7.27 with an intraday gain of 6.36%, reflecting the accumulation on the chart. Its trading volume was observed more than
Over the past 24 hours, volume has increased by 16% to $44.85 million.
The APT token ranks 32 in the market, which at the time of publication was $3.42 billion. Its total volume was noted at 1.11 billion.
Aptos Gains Momentum: Is a Breakthrough Inevitable?
The price action meant further swings below the low and the token was on the verge change of trendA new higher high above the $8 mark would confirm signs of a reversal.
However, buyers provoked accumulation from a low of $5, and the token has seen a significant jump over the past two weeks.
Notably, it has been trading close to the critical $8 support point, looking to break the trendline hurdle. The breakout could be confirmed once the $8 mark turns into support.
Signs of such a possibility can be seen in the moving average convergence divergence (MACD) and the relative strength index (RSI).
RSI measures the momentum and speed of price movements and can indicate overbought/oversold conditions in a particular market.
MACD, on the other hand, tests the level of connection and isolation between the two SMA lines to determine changes in momentum.
On both of these indicators, the bullish trends were close to what was observed and a significant crossover was inevitable.
The funding rate is on a positive note
Since July 9, financing rates have remained in the green zone, which has led to sustained pressure from buyers.
If the funding rate remained positive, it meant that the buyers had outpaced the bears and an uptrend was imminent.
The token funding rate was 0.0078%, indicating an optimistic sentiment.
@CryptoJules in his post X said that APT has great potential for further development.
$APT macro potential pic.twitter.com/F6CcBhSev0
— Crypto Jules (@CryptoJules1) July 26, 2024
Declining popularity
Against the backdrop of a significant price recovery, social dominance data showed unfavourable dynamics and fell into the downward zone.
It was around 0.013%, reflecting a sharp drop in online discussions among investors on media platforms.
Its development activity data showed a positive outlook as the value remained above the average line. This indicated continued development in the ecosystem.
If the token faces any rejection from the 100-day EMA, $7.0 and $6.20 will act as immediate support levels. However, if the token crosses the $8 mark on a close basis, it may face an upper barrier at $8.40, followed by $9.
Can Aptos Price Reach $10?
Price Aptos rose above the 20-day and 50-day EMA and was poised for a major breakout.
Once the token breaks through the $8 mark and closes above it, it could see a strong rally towards the $10 mark in the short term.
