Aptos experienced a significant price increase of 18.6% as the rotation within Layer-1 tokens accelerated, indicating a strengthening recovery profile as speculative demand shifted towards higher-beta altcoins.
The surge in APT’s price was part of a broader trend in the Layer-1 sector, with several assets in this category also seeing double-digit gains as market participants showed a preference for higher-beta assets.
At the current moment, APT is trading around $0.6616, with buyers showing increased activity in the latest session. This sector rotation has helped APT break out of its previous consolidation range.
Top traders favor APT long positions
On Binance, top traders have maintained a strong bias towards long positions in APT as the token approaches its range ceiling. Long accounts make up 61.79% of the total, compared to 8.21% for shorts, resulting in a Top Trader Long/Short Ratio of 1.62.
This continued preference for long positions aligns with the ongoing rotation in the Layer-1 sector, supporting APT’s spot-market recovery.
However, the importance of APT maintaining its breakout attempt is crucial to avoid a potential price rejection that could expose bullish positions if traders reduce leverage following the rapid rally.
Can APT break free from its trading range?
Analyzing the daily timeframe chart, Aptos [APT] has been trading within the $0.509 to $0.654 range for some time, struggling to breach the range ceiling. Recent attempts have seen price briefly surpass $0.654 before retracing lower.
The latest price movement has brought APT back above the $0.654 level, with the price reaching around $0.660 on the daily chart. A high of $0.711 was also reached in the most recent session, indicating potential liquidity above the established range.
For the bullish momentum to continue, APT needs to establish support above $0.654 instead of just breaching the level temporarily. Technical indicators like RSI and MACD are currently in favor of the bulls, with a potential target of $0.825 as the next resistance level.
Liquidity sweep presents two scenarios for Aptos
APT has successfully breached the $0.654 range ceiling, reaching towards $0.711 where previous liquidity sweeps have occurred according to the Binance Liquidation Heatmap.
While significant overhead liquidity has been cleared during the recent price surge, additional liquidation clusters remain higher, particularly in the $0.69 to $0.72 range.
Sustaining support above $0.654 would keep the upper liquidity clusters relevant and could lead to further liquidity-driven price movements. However, a failure to hold above this level could introduce downside risks towards the $0.63 to $0.60 range.
A deeper reversal could potentially see APT retesting the $0.509 range floor if bullish positions unwind following the rally.
Final Summary
- APT’s 18.6% price surge has pushed it above $0.654, with top traders favoring long positions.
- Maintaining support above $0.654 could lead to further upside potential, while a rejection may expose lower price levels.
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