Following an impressive gain in the last 24 hours, APT showed strength and surged to a three-week high. It remained bearish in the mid-term but the trend is likely to shift soon as demand increases.
APT’s trajectory is still looking bearish on the short-term trend but it appeared to have reached an exhaustion point following early month crash to $4.6. This brought a market reset but the price has recovered briefly since then.
While this has brought a temporal relief, the price may roll back anytime soon. However, it has shown signs of strength as it appeared poise for an increase following few gains in the past days.
The latest buying is not enough to bring back the bulls as the pressure appears low. A surge above the previous weekly high should signal a shift in the trend. But looking at the recent price actions, the market is still gathering liquidity for the next move.
However, if that turns out to be another distribution phase, the market may continue to bleed until it finds a solid ground level. But with the look of things, the bulls are much more likely to have an upper hand. When that happens, we can expect a massive recovery to the top before rallying hard.
Source: Tradingview
Now that APT is showing signs of strength, the potential level for a test is $7.67. If the price increases, $9 is the next resistance level to watch, followed by $10.66 in the meantime.
Apart from the recent $5,34 level, providing support for some days, it holds the $4.47 level as the current monthly low. A distribution below all these price level could cause more pain to $4.
Key Resistance Levels: $7.67, $9, $10.66
Key Support Levels: $5.34, $4.57, $4
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: phongphan/123RF // Image Effects by Colorcinch
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