- Aptos initiated a bull rally over the past 24 hours, but trading volume declined
- This trend may no longer continue as liquidations would increase if the rally continues
Aptus [APT] posted significant gains over the past 24 hours, and the gains came at a time when the rest of the market was fairly stable. Why was this the case? Why did APT rise so much on the charts and is the rally likely to continue in the near term?
A look at the Aptos bull rally
APT’s price action gained bullish momentum over the past 24 hours as its value rose nearly 6.5%. However, the altcoin’s latest surge went against investors’ expectations, especially as the crypto lost 3% of its value the week before. To be precise, the token’s price fell to $6.4 on July 26 – its lowest level last week.
According to CoinMarketCapAt the time of writing, Aptos was trading at $7.20 with a market cap of over $3.3 billion, making it the 28th largest crypto in the world.
However, when AMBCrypto checked Santiment’s data, we discovered a surprising development. According to our analysis, despite the latest price increase, the token’s weighted sentiment fell sharply. Whenever the measure falls, it indicates that bearish sentiment around an asset has increased.
Social volume also followed a similar downward trend, reflecting a dip in its popularity.
Moreover, APT’s trading volume also fell – a bearish development.
Source: Santiment
Will APT’s rally last longer?
AMBCrypto then looked at other data sets to find out if this recent price increase could be short-lived.
According to our analysis of Coinglass’ facts, APT’s Open Interest dropped in the charts. This indicated that there were chances of a trend reversal. Nevertheless, the long/short ratio increased, meaning there were more long positions in the market than short positions – a sign that bullish sentiments around the token were dominant.
Source: Coinglass
We then checked Aptos’ liquidation heatmap to learn about the possible resistance and support zones. In the event of a sustained price increase, investors could see the token reach $7.7 soon.
A breakout above that level should see Aptos touch as high as $8.7. This seemed to be the case as liquidations would increase at these two levels, typically resulting in short-term price corrections.
Read Aptos’ [APT] Price prediction 2024-25
However, if the bears regain control of the market, the APT could fall to $6.3. A dip below that level could push the token towards the $5 range in the coming weeks.
Source: Hyblock Capital