The Aptos (APT) token rate updated its historical maximum on January 22 and maintains a fighting spirit. However, before the continuation of growth, a strong rollback is possible first
As the editors of BeInCrypto said earlier, the team of former developers of the failed cryptocurrency project Diem worked for four years to create a new Aptos blockchain, declared as the “Solana killer”.
In November 2022, the Aptos startup announced a partnership with Google Cloud, and a few days ago, the token launched an explosive growth, having risen in price by almost 75% in just two days and broke into the growth leaders in the cryptocurrency market. The reason for this rally was Binance's January 20 announcement of the creation of new liquidity pools for several markets, including APT/BTC and APT/USD.. As a result, trading activity in these pairs increased sharply.
According to the results of technical analysis, the APT price made a bullish breakdown of the descending resistance line on January 6. At that time, the price was trading directly above the $3.06 low.. Further, the token accelerated its growth rate and broke through the $9.80 resistance area on January 20. Two days later, Aptos hit an all-time high of $14.57. However, the price for the day formed two long upper wicks, which is considered a sign of bearish pressure.
Since we are dealing with a record high, we will need to apply outside Fibonacci retracement levels to determine the next level of resistance.. It is $ 14.84, the Fibo level 1.61 of the external correction of the entire previous decline. Its break will aim the market at $22.15, Fibo 2.61 external correction.
On the other hand, a rebound could see a retest of the $9.80 area.
The daily RSI is overbought, but not yet showing any bearish divergence signals. This mixed picture of price dynamics and technical indicators requires analysis of shorter timeframes for Aptos.
Source: Trading View
On a shorter-term chart, you can see that the APT price is likely in the fifth and final wave of a bullish structure.. After the completion of this move, a significant correction is possible. In this case, the price should receive support in the region of $7.45 – $8.80 (Fibo levels 0.5-0.618 correction, white color).
In addition, wavelength 5 is equal to the sum of wavelengths 1 and 3, which is typical for an extended fifth wave. This is another potential indication of Aptos top formation.. The 6-hour RSI also speaks in favor of the correction scenario, which gives signals of a bearish divergence (green line).
Source: Trading View
Thus, the most likely forecast for Aptos for February is a correction in the direction of $7.45 – $8.80. A break above $14.85 will cancel this bearish scenario and allow the price to rise towards $22.15.
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