APT’s price is declining while much of the market is recovering, potentially pushing it to a multi-month low and increasing investor losses.
Aptos (APT) is currently above the bear market support level at 23.6% Fibonacci Retracement. In futures trading, APT’s Open Interest has hit a four-month low at $103 million. The MACD indicator recently experienced a bearish crossover for the first time since April, indicating a cautious near-term outlook for APT’s price.
Aptos (APT) Faces Declining Investor Support and Bearish Signals
Investor support for Aptos (APT) is waning, evidenced by a significant drop in Open Interest (OI), which measures outstanding derivative contracts like options and futures. Over the past week, APT’s OI plummeted from $133 million to just $103 million, marking a four-month low and indicating reduced market activity and liquidity.
Alongside declining OI, the Moving Average Convergence Divergence (MACD), a technical indicator reflecting market sentiment, has shown a bearish crossover. This crossover, observed for the first time in nearly two months, suggests increasing bearish momentum in APT’s price chart, signaling potential further declines in the market.
Aptos MACD. Source: TradingView
Aptos (APT) Price Analysis: Support Levels and Potential Movements
Currently trading at $7.95, Aptos (APT) is just below the critical 23.6% Fibonacci Retracement level at $8.02, known as a bear market support floor. A breach below this level suggests weakness and raises the possibility of further declines.
If APT fails to hold above $8.02, it could potentially drop to $7 or even $6, indicating a significant downturn. A further breakdown below these levels would likely see Aptos’s price plummet to $4.84, marking its lowest point in over seven months.
Aptos Price Analysis. Source: TradingView
Conversely, a rebound from the $8.02 support could propel APT towards $10, where it would establish the 38.2% Fibonacci Retracement level as a new support. This scenario would invalidate the bearish outlook, potentially leading to renewed bullish momentum for Aptos.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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