Aptos (APT) price is on the verge of an extended bullish continuation as the altcoin prepares to secure a major resistance level and turn it into support.
Investors who refrained from taking profits and also changed their position support this forecast.
Aptos sees green
Aptos price is heavily dependent on broader market signals, but it currently appears that investor influence is also growing. Maintaining this support is critical for the altcoin, as it will allow APT to build on recent gains and also move further.
Aptos is currently seeing a strong bullish crossover on its Moving Average Convergence Divergence (MACD) indicator, suggesting that the asset’s momentum is increasing. This technical signal suggests that buyers are gaining control and further upward movement could follow in the near future.
Read more: Where to Buy Aptos (APT): 5 Best Platforms for 2024
In addition to the positive MACD signal, Aptos enthusiasts seem to be increasingly confident in the asset. This growing optimism is reflected in the significant increase in open interest (OI), which has grown by 50% over the past week. OI jumped from $52 million to $78 million, indicating a surge in new positions and increased market participation.
The increase in open interest highlights the increased interest in Aptos, suggesting that more traders are putting their money into the asset. This could indicate bullish sentiment among market participants who are betting on good performance in the asset’s future.
APT Price Forecast: All Good
Aptos price is trading at $6.80 and at the same time breaking out of a descending channel. A bullish descending channel is a pattern in which the price moves down between parallel lines but makes higher lows. It usually signals a potential reversal upside when the price approaches the lower boundary of the channel.
APT flipping the upper trendline into support will allow a jump to $7.66. A break of this line is crucial as it will allow the altcoin to consolidate the gains made over the past few days. After testing this line as support, APT can continue its rise to $9.06.
Read more: Aptos (APT) Price Forecast 2024/2025/2030
However, if Aptos fails to break out of the downward channel, it may fall back into it. This could trigger profit taking, which would lead to a drop to $4.84 and negate the bullish thesis.
