Bittime - Aptos (APT) price is showing a positive trend, but its increase is being held back by Bitcoin (BTC) price movements which are currently consolidating horizontally. This causes the upward push for altcoins, including APT, to be limited.
Additionally, the Aptos network is gearing up for its token launch event in 10 days. This is expected to provide a positive boost to APT prices in the future.
What is Aptos ($APT)?
Aptos (APT) is the newest blockchain project in development since late 2021. The idea is based on Diem, a blockchain project previously developed by Meta.
Currently, Aptos Labs is developing products and applications on the Aptos blockchain, with the aim of improving the web3 user experience.
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Aptos Eyes $20.40, But There's Something to Watch Out For
Aptos price shows potential for further upside, but faces resistance at the 78.6% Fibonacci retracement level of $17.04.
$APT token holders have their eyes set on the highest price target of $20.40, but its achievement may be delayed due to possible buyer exhaustion.
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Aptos Price Movement Analysis
1. RSI and Volume Indicators Show Consolidation
The horizontal movement in the Relative Strength Index (RSI) indicates that Aptos is currently in a consolidation phase.
This is reinforced by the decreasing trading volume, which indicates a decrease in market activity.
2. Test the 61.8% Fibonacci Retracement Level
In this consolidation phase, Aptos price has the potential to retest the 61.8% Fibonacci retracement level of $14.40. This level is a critical support level that can determine the direction of further price movements.
3. Price Increase Opportunity
If Aptos price manages to break the $14.40 level, then this could trigger further price increases. The Awesome Oscillator (AO) indicator shows increasing volume, which strengthens the chances of a price increase.
4. Price Target $20.40
Based on the above analysis, Aptos' next price target is $20.40. This target represents an upside of approximately 20% from the current price level.
Also read: Crypto Experts Confirm MoonBag's CORE & ORDI Tokens Soar 300%
Conclusion
Nonetheless, if the 61.8% Fibonacci retracement is unable to arrest Aptos' price decline, and the price breaks that level, the downtrend is likely to continue until it reaches the 50% level of $12.55.
A break and close below this level on the weekly time frame would negate the current bullish thesis.
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You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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