The above chart is a bearish symmetrical triangle pattern based on the previous trend direction before the consolidation. As such, conventional wisdom tips bears for a potential downturn if a breakout occurs. But a bullishBears must clear the 200 EMA of $10.992 and breach the $9.928 support to dent any bullish sentiment. Such a downturn and leverage could see APT hit the bearish target of $6.826.
However, APT could inflict a bullish breakout if BTC reclaims $28K and surges afterward. The immediate target for bulls would be $16, but bulls must overcome the hurdle of $14. A close above $16.633 could incentivize bulls to aim at the stiff overhead resistance of $20. At press time, the RSI dropped to the lower range but recovered to the neutral level. It shows buying pressure improved, but the structure was neutral at the time of writing.
Interestingly, the Accumulation/Distribution indicator surged since 13 March, showing APT enjoyed massive accumulation in the same period.According to Santiment, the Aptos network saw increased NFT trade volumes since mid-March, with an average of about $8.5M. This could attract more users, increase revenue, and improve investors’ confidence in native APT tokens.
The sentiment improved at the time of writing, which could tip APT for a likely bullish breakout. But investors should track BTC’s price action before making moves.Subscribe to get it daily in your inbox.
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