Amid the potential for a $10 breakout, bullish run anticipations for Aptos (APT) are surging. Will this breakout lead to a rise to $18?
With a minor recovery in the altcoin market, Aptos is on the verge of a bullish breakout. Standing at a crossroads near the crucial resistance, slightly below the $10 psychological mark, the future price of Aptos depends on the current short-term price trend.
Will the recovery rally in Aptos give a breakout rally to extend the recovery run in this October season? Let’s find out in the APT price analysis below.
Aptos Price Analysis
The daily chart shows a rounding bottom reversal, which indicates a trend reversal rally. Aptos has increased by 2.53% in the past 24 hours and is currently trading at $9.24.
Aptos has a market cap of $4.64 billion and is on the verge of a breakout rally. The neckline of the rounding bottom pattern stands at $9.49, coinciding with the 50% Fibonacci level.
Calculating from the 52-week low of $4.34, the AI token has increased by 112% within the past two months. As the recovery rally gains momentum, the increased influence has resulted in multiple bullish crossovers.
Where’s Aptos Price Headed?
With the 20-day and 200-day EMAs giving a bullish crossover, the 50- and 100-day EMA crossover gives a more prominent buy signal. Meanwhile, the rising trend in the 50-day EMA teases a golden crossover with the 200-day EMA. Hence, the overall sentiment of the exponential moving averages is bullish and gives a buy signal for Aptos.
However, the RSI indicator takes a sluggish route near the overbought boundary line as Aptos reaches the rounding bottom’s neckline. This warns of a minor pullback due to the short-term divergence. Hence, a retest of the 20-day EMA is possible.
Nevertheless, as the recovery rally continues, a bullish breakout of the 50% Fibonacci level will kick-start the next recovery run. The next price targets for Aptos are $13.71 and $18.00. On the flip side, the crucial supports are at $7.76 and $6.76.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
