Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- APT rebounded strongly from the $5 support with a 20% gain over the past day.
- Rising demand in the futures market could mean more profits in the short term.
Aptos’ double-digit gain [APT] the past 24 hours took the altcoin above a critical resistance level. Previously, the bullish recovery failed to cross the $6 resistance level as market sentiment shifted in favor of the bears.
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However, the change in market conditions from bearish to bullish resulted in a 20% gain for APT, taking it above the $6 price level. Meanwhile, Bitcoin [BTC] extended its bullish rally as buyers looked to add the $30,000 price level to their recent gains.
Bulls finally overcome a bearish obstacle
Source: APT/USDT on Trading View
The 12H timeframe showed the bearish hurdles that stood in the way of APT’s bullish rebound from the $5 price level. Buyers have been continuously repelled in the $5.6 price zone over a one-month period.
Now that buyers have finally overcome this hurdle and are looking to move the $6 price level towards support, there is a possibility of further gains for buyers.
The short-term outlook involves a bullish candle close above $6. This would allow buyers to aim for higher gains from $6.9 to $7.5. On the other hand, failure to close above $6 could send APT back into the range-bound move.
Meanwhile, the RSI (Relative Strength Index) and Chaikin Money Flow (CMF) highlighted strong buying pressure and capital inflows into Aptos. This could be key to sustaining the bullish rally in the near term.
Demand for APT in the futures market continued to increase
Source: Coinalyse
How much is 1, 10 or 100 APT worth today?
The spot CVD data from Coinalyse revealed a rapid increase in demand that preceded the price pump. With CVD still in an uptrend, this could be key to maintaining bullish momentum.
Similarly, Open Interest (OI) rose 16.8% over the past day. This indicated that market participants were actively going long APT with the aim of riding the bullish wave.