Aptos (APT) price broke down the declining trendline mark of $6.30 in the middle of August. It unsuccessfully attempted to cross the 100-day EMA barrier near the $7 mark this week.
Later, the token witnessed a strong bearish pressure. It revisited the trendline region, close to the $6 mark, and fell below key EMAs.
Aptos Price Fails to Cross $7 Mark: Are Bulls Trapped?
Aptos crypto was rejected by the 100-day EMA barrier on August 28 and triggered a fall. Notably, the token has retraced by over 20% and reached the $6 mark.
The momentum indicator, the Relative Strength Index (RSI), provides a bearish outlook. Its reading is noted below 50, suggesting that bears have an advantage. A negative crossover was witnessed, implying a significant selloff on the chart.
Aptos price, at press time, traded at $6.16, down over 2.30% with a trading volume drop of over 8.20% in the last 24 hours. It boasts a market cap of $2.98 Billion and has a circulating supply of 486.23 Million.
APT Price Volume Chart | Source: Santiment
Since the $6 level is a support zone and a trendline zone, where the token has been consolidating for the last three sessions, it will be deciding zone to determine the upcoming price movements in Aptos price.
In a recent tweet by @venturecharts, he pointed out that Aptos price has met with rejection from the resistance barrier of $7 and is ready for a multi-directional move.
$APT 💥💰
Another hated update, but for those who trade both directions, then you're welcome. https://t.co/CPwIMTVIlD— venture (@venture_charts) September 3, 2024
Tweet by venture | Source: X
Whether the Aptos price breaks below or sees a bounce will lead to a significant shift in direction. That said, indecisiveness between the bulls and bears is apparent.
Aptos Investors Are Anticipating a Surge
The weighted sentiment data reflects a significant spike, and its value rose above the zero line, which was noted at 0.315. It indicates that the investors are looking for a surge and started making longs.
Weighted Sentiment Data | Source: Santiment
Similarly, the social dominance data indicates a surge in investor chatter and discussion activity on the media platforms. This increased activity represents investors and traders looking to know the token’s next move.
A look at the intraday setup shows that Aptos crypto has formed a hammer candlestick and attempted a pullback.
Considering the bullish side, the token has escaped a four-month trendline hurdle and sustained gains above it. Despite the lack of volume, a follow-on bullish run is still due.
Notably, the bulls have shown their muscles and are ready to lift the reversal. Following a significant change in trend, the token ended the lower low series and made a fresh higher low, which conveyed the change in dynamics.
However, the futures Open Interest (OI) shed over 3.29% to $82.84 Million, conveying signs of long unwinding in the last 24 hours. Meanwhile, the funding rate turned positive, at 0.0074%, underlining the bullish sentiment.
If the token sustains above the $6 mark, it may see a rebound toward the $6.40, followed by the $7 mark in the upcoming sessions. If it slips below the $6 mark, the $5.60 followed by the $5 mark is the critical support zone to watch out for.