Bearish Flag Looms Over APTOS Price: What to Expect Next?

The budding crypto Aptos has garnered attention with its cutting-edge technology and optimistic outlook. Despite this, Aptos has observed a downward trend over the past week, with a decrease of 7.78% in its market value.

APT/USDT 1-hour technical Analysis (Source: TradingView)

Despite a prolonged effort to maintain its position above the 200-day Moving Average (MA), the APT/USDT trading pair has finally succumbed to bearish pressure, sinking below the crucial MA level. The above 1-hour technical analysis of APT/USDT reveals a bearish trend that suggests further downward movement in the near future.

Currently, APT is trading inside a bearish flag. The price of Aptos may experience a temporary increase, reaching the upper trendline of the flag, before potentially experiencing a decline to its current 1-hour support level at $12.9973, potentially breaking the current low at $14.3187.

An alternative scenario suggests that if Aptos experiences a trend reversal from its current downward trajectory, it could potentially reach its prior 1-hour strong high of $18.7047 and stay above the 200-MA. The resistance zone of APT lies between $20.7008 and $20.0261.

APT/USDT 1-hour technical Analysis (Source: TradingView)

Additionally, the Bollinger Bands suggest a heightened degree of volatility in the short term, signaling the potential for a significant price fluctuation, either in an upward or downward direction. The recent formation of a golden cross between the 50-day MA and 200-day MA was followed by a decline in price from $16.4137.

Moreover, the Relative Strength Index of APT sits at 48.96 under 50, meaning that some hodlers are starting to unload their Aptos bag. Currently, Aptos is trading at $15.23 according to CoinMarketCap. Its trading volume has decreased by 0.14% within the past 24 hours.

Lastly, traders are keeping a close eye on this budding crypto as it navigates through the uncertain market. The downward trend continues as traders unload bags and volatility rises, and the question remains: will APTOS be able to make a comeback?

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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