In line with the broader crypto market, Aptos (APT) experienced a remarkable price upswing in the past week culminating in a market gain of 12.53%. However, the prominent altcoin remains in a corrective phase with a price loss of 8.75% on its monthly chart.
Aptos has famously underperformed in the crypto bullish resurgence that kicked off in April reaching a local peak of $6.14 while the present market cycle top lies around $17.90. However, popular market analyst with X username PlanD has tipped the altcoin to maintain its most recent uptrend as indicated by a bullish chart pattern.
Aptos Ready For Major Bullish Price Reversal – Analyst
In a recent X post on June 27, PlanD provides an insightful technical analysis on the APT market hinting at a major price surge ahead . Firstly, the renowned analyst explains APT has shown consistent price movement within a descending channel over the past two and half years.
However, APT price action in the past three months have twice retested the lower boundary of this channel, thereby forming a double bottom pattern – a bullish reversal pattern formed when price forms two similar lows separated by a rebound as seen between April till date on the chart below.
The peak of the intervening price rebound serves as the pattern’s neckline, and a breakout above this level confirms the market’s intent for a bullish reversal. Therefore, if APT bulls can secure a decisive daily close above $6.00, it would likely trigger a broader market rebound, with price targets set around $9.92, representing an estimated 100% gain on present market prices.
Beyond $9.92, a sustained buying pressure could force APT to return to its cycle top at $17.90 which currently aligns with the upper boundary of the descending price channel. According to PlanD’s analysis, a successful breakout above this long-standing channel exposes investors to lofty price targets as high as $55 and $79.
On the cautionary note, APT bulls must avoid a price rejection at the $6.00 region, which represents the market’s next major resistance. The occurrence of such a scenario would suggest a delay of the purported or invalidation in the case of price fall below the present support line at the lower boundary of the descending channel.
Aptos Price Overview
At the time of writing, APT trades at $4.88 reflecting a 2.41% decline in the past day. Meanwhile, the altcoin’s daily trading volume is soaring by 67.08% and valued at $430.09 million. With a market cap of $3.41 billion , Aptos ranks as the 31st largest cryptocurrency in the market.
Credit: Source link
