Aptos (APT), a Layer-1 blockchain network, struggled to break above critical resistance. This caused the APT price to remain confined within a narrow zone. Despite this consolidation, developments in its ecosystem fuel optimism among APT investors about a potential breakout.
The token has noted a sideways move. This led the APT price to hover within a thin band, and the fight between the bulls and bears persisted. The price action and most technical indicators readings both furnish mixed cues; the bullish and bearish cases remain unchanged.
However, it could see a near-term comeback as it sits on the lower trendline support zone. Over the past 2 weeks, the token has been traded below the key EMAs. It has witnessed low-volume activity, displaying a lack of investor interest.
Aptos recently underwent a massive token unlock event, with 11.31 Million APT tokens circulating on September 11, 2024. Despite worries about a selloff due to the unlock event, the Aptos crypto price stayed flat, around $6. It did not relinquish the gains.
APT Price Prediction: Sideways Next?
For the last two months, the APT price met resistance around the $7.50 mark and support around the $5 mark. Jointly, these levels compose the altcoin’s consolidation range.
Considering the crypto market recovery and positive cues, the APT crypto is mounting for a comeback. To achieve this, the token must cross the $7 mark for a range breakout in the coming sessions.
Aptos price was trading at $6.12 at press time, with an intraday decline of over 0.12%. This indicated flat movements over the last 24 hours.
Although the crypto market endeavored to rebound, the Aptos crypto remained sideways and did not experience a comeback rally.
Recently, the altcoin headed a challenging cycle and suffered a decline of over 15% in the last two weeks.
@WhalesCryptox, in his tweet, said that APT crypto had reflected a fake breakdown. There could be a bounce in the coming sessions.
However, it has been in a stage of macro consolidation, while some indicators point to a potential rise. The RSI curve still hovers near the 50 neutral line and guides a positive crossover. It indicated an increase in the bullish momentum.
However, the Chaikin Money Flow (CMF) reading was below the zero line, at -0.17. This means a liquidity exit from the market.
The Bollinger bands were shrinking, which signaled a sharp move. Moreover, the APT price could notice an upswing in the coming sessions.
APT Total Value Locked Continued To Rise
Since the beginning of 2024, Aptos crypto‘s total value locked (TVL) has continued to experience upward movement. It reached $436.77 Million at press time. A rising TVL means a growing interest in the project and could act in favor of APT bulls.
TVL Data | Source: DeFiLlama
TVL Data | Source: DeFiLlama
Suppose the APT price breaks and holds above the $7 mark resistance. It could push the APT price to as high as $8. The $8.50 mark would follow this. However, an invalidation of the bullish thesis can decrease the APT price to $5.70 and $5.
