Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- Aptos has a bearish view for the coming weeks.
- A decline below $5 was developing and a lack of demand was worrying for bulls hoping for a reversal.
Aptus [APT] was involved in the development of Real-World Assets [RWAs] that aim to narrow the gap between fans and merchandise. This could support mass adoption efforts and convince more users to join the network.
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However, on the price chart, the token remained in a resolute downtrend. Two major resistance zones formed in the north and at the time of writing a bullish breakout was unlikely. Where can traders go short?
APT’s two bearish order blocks looked insurmountable
Source: APT/USDT on TradingView
On the daily chart, there were two zones (red box) around $5.25 and $5.75, where seller dominance has been crystal clear since September. Both were bearish order blocks and have repelled bullish attempts more than once in the last six weeks.
APT’s market structure on the daily chart was bearish. A series of Fibonacci retracement levels (light yellow) were plotted based on the late August drop from $5.99 to $4.89. The 78.6% retracement level at $5.75 was tested twice in September. It runs concurrently with the previous mid-August support, which has since reversed to support, and the bearish OB.
In the coming days, the retest of the $5.2-$5.37 region could allow short sellers to enter the Aptos market. Bearish targets include $4.63 and $4.21 in the south. Meanwhile, a move above $5.4 would turn the structure bullish.
The drop in spot CVD meant problems for APT bulls
Source: Coinalyse
The Open Interest chart has risen since October 9. APT also saw a small increase from $4.7 to $5 starting on October 12th. Together, the OI and price indicated bullish sentiment in the market in the short term.
How much is 1, 10 or 100 APT worth today?
Nevertheless, the spot CVD has been on a downward trend since the end of September. Furthermore, the funding rate has been negative for the past two weeks, indicating dominant bears. The lack of reaction on the ground at CVD indicated bullish exhaustion.
