The post Aptos (APT) Poised for 40% Upside Rally, Here’s Why appeared first on Coinpedia Fintech News
In this ongoing market recovery, Aptos (APT) is poised for a significant 45% upside rally in the coming days, potentially due to its recent breakout and support from three exchanges. On September 18, 2024, these three crypto exchanges – MEXC Ventures, Foresight Ventures, and Mirana Ventures jointly launched a fund to back the Aptos ecosystem, enhancing its interoperability.
Fund Support Fuels Aptos’ Price Surge
Additionally, the purpose of this substantial partnership is to develop more powerful and promising projects on the platform by advancing critical Web3 technologies, utilizing Aptos’ infrastructure, and innovations like Block-STM, and ensuring seamless interoperability with key EVM ecosystems.
This joint partnership has gained massive attention from crypto enthusiasts, resulting in a significant price surge in the past 48 hours and the recent breakout of a crucial resistance level of $6.51.
Aptos Price Momentum
At press time, APT is trading near the $6.62 level and has experienced a price surge of over 16.2% in the last 24 hours. During the same period, its trading volume increased by 85%, indicating higher participation from traders and investors amid the latest development.
Aptos Technical Analysis and Upcoming Levels
According to expert technical analysis, APT appears bullish following the breakout of the neckline of a bullish double-bottom price action pattern, despite being in a downtrend. Currently, APT is trading below the 200 Exponential Moving Average (EMA) on a daily time frame.
Traders and investors typically use the 200 EMA to determine whether an asset is in an uptrend or downtrend.
Based on the historical price momentum, following this bullish breakout, there is a strong possibility that APT could soar by 45% to reach the $9.5 level in the coming days. However, it may face resistance near the $7.5 level due to a previous price reversal from this point.
Bullish On-chain Metrics
Additionally, this bullish thesis is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, APT’s Long/Short ratio currently stands at 1.04, indicating bullish market sentiment among traders.
Moreover, its future open interest has increased by 13% in the last 24 hours and has been steadily rising, showing that traders are building more long positions compared to short positions.