Price Indicators Point to a Reversal, Casting Doubt on APT Bullishness

After an early-morning back-and-forth between bulls and bears in the Aptos (APT) market, bulls ultimately prevailed, driving prices up to an intraday high of $18.53 after finding support around $16.90. This bullish run continued until press time, valuing the APT price at $18.14, a 3.46% increase.

The APT market capitalization grew by 3.64% to $2,922,609,502, due to the bullish dominance; nevertheless, the 24-hour trading volume dipped by 3.83% to $1,170,725,386. Due to a drop in 24-hour trading volume and a flagging bull run, investors would be wise to tread carefully for the time being.

APT/USD 24-hour price chart (source: CoinMarketCap)

The linear movement of the Bollinger Bands, which presently lies between the upper and lower bands at $18.69379324 and $17.31183670, indicates that the APT market is stabilizing. This relatively flat trend suggests that the market may not see any significant price fluctuations in the foreseeable future, as traders and investors alike have grown more confident with present pricing.

Given that the stochastic RSI for APT’s 4-hour price chart is currently at 25.39, it appears that bullish momentum in the market is waning and that bears may soon have an opportunity to regain control of the market. The market may enter a period of negative trading as a result of the bears’ expected increase in aggression. This might be bolstered further by the decreased amount of trading activity, which suggests a lack of excitement among traders to take on long positions.

APT/USD 4-hour price chart (source: TradingView)

The MACD line’s recent dip (0.85140209) below its SMA line supports this bearish forecast. When the MACD line is below its SMA line, it implies that selling pressure is high and that the bears are likely to control the APT market till the MACD line crosses back above its SMA line.

Additionally, the 62.61 value for the Relative Strength Index (RSI) on the APT price chart reveals that the RSI has dropped below the signal line, signaling that the price of APT is about to collapse. This shift in the RSI is indicative of a possible reversal in the near future, as the uptrend is losing momentum.

APT/USD 4-hour price chart (source: TradingView)

Bulls must propel prices higher and maintain the present resistance level in order to wipe out the unfavorable signs on the Aptos market.

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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