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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 on the higher time frame price charts.
- The recent gains could easily be wiped out if they weren’t backed by real demand for APT.
Aptus [APT] saw its market structure change bearish on the daily time frame on August 15. A month ago, APT was trading at $6.1, but at the time of writing it was valued at $5.3. Over the past two weeks, this trend appeared to be slowing down.
Is your portfolio green? Check the Aptos Profit Calculator
In other news, the Aptos blockchain has announced a partnership with Flowercarbon to adapt to the climate change agenda. The partnership aims to drive APT towards sustainable practices.
Aptos threatens a structural break with profits of more than 8%
Source: APT/USDT on TradingView
On Sunday, September 24, APT saw a large bullish swing on the price charts in the lower time frame. Within 20 hours, the token recorded an 8.3% gain, climbing from $5.07 to $5.49. On the daily chart, the previous lower high was $5.36.
Therefore, this rise was one of two possibilities: a sign of bullish intent and the start of a recovery from last month’s losses, or a northern liquidity chase before further value losses. The RSI remained below the neutral 50, indicating that a downtrend is underway.
APT’s market structure on the daily chart remained bearish, but will change course with a daily session close to $5.36. The OBV posted some gains over the past week and indicated that buyers were entering the market with noticeable strength.
A move above $5.65 and subsequent retest could provide an counter-trend buying opportunity. The take-profit targets would be the 61.8% and 78.6% Fibonacci retracement levels at $6.82 and $7.34.
The Open Interest saw a wild jump
Source: Coinalyse
As noted earlier, Aptos made big gains, almost reaching the $5.5 mark. This sent speculators into a bullish frenzy. Open Interest spiked from $65 million to $85 million. It was a huge sign that sentiment among speculators was bullish, but were they right?
Realistic or not, here is APT’s market cap in BTC terms
The spot CVD remained in a downward trend and did not support the idea of strong demand. Combined with the importance of the $5.36 and $5.5 levels on the lower timeframe charts, the recent spike could have been a bull trap and we could see a decline in Aptos prices.
A decline below the $5.03 mark would be indicative of a continuation of the bearish trend in the higher time frame.