The post Keep An Eye On Aptos(APT), Breakout From Descending Channel Target To $9. appeared first on Coinpedia Fintech News
Keep An Eye On Aptos(APT), Breakout From Descending Channel Target To $9.
APT Coin made a bullish reversal from a low of $4.5 on 5th August to a high of $6.8 at the time of writing. It has crossed the short-term EMAs (10, 20, 30)
The Asset has moved nearly 29% in the last 7 days attributing to the increased Open interest value of $52 million to $78 million.
Investors who held their horses at the beginning of this week have experienced extended profits and the breakout from the descending channel validates a continued upward rally.
APT must sustain this ascending resistance flipped support to keep to secure the recent gains.
Aptos Got Good Fundamentals
The Total value locked (TVL) for aptos shows an uptick, the surge at the of writing shows $397.25 million which is very significant for asset growth.
On the other hand, the Open Interest (OI) Value for Aptos surged from $52 million to $78 million, a 50% spike in a week.
The increase in Open interest signifies that more investors are entering the asset and this could significantly impact the price growth.
Aptos Technicals Are Good Too
The APT/USDT Chart reveals the price just testing the break above the Descending channel, flipping the resistance to support. If Sustained the bulls can lead APT to hit $7.2 in the next few sessions.
Additionally, MACD just made a bullish crossover indicating a continuous surge, and the Money flow index (MFI) shows a north direction uptick.
Breaching above $7 will strengthen the rally, followed by higher lows to test this as support line APT can rise to $9.
Conversely, if the breakout doesn’t act as predicted, APT could fall under the ultimate strong support at $4.8, resulting in further sell-offs.