Aptos (APT) may be on the verge of a massive new rally that could send the price to new all-time highs
The Aptos project is a first-level blockchain, which is, in fact, the successor to the now abandoned Diem project from Meta * (recognized as extremist by the Russian authorities and banned in the country).
Aptos’ ultimate goal is to replicate the Web2 cloud infrastructure in a decentralized fashion and create an end-to-end blockchain solution that will help Web3 to be adopted faster.. At the same time, the project team is developing the DApps ecosystem.
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The results of the technical analysis of the daily timeframe show that the price of the Aptos coin hit an all-time high of $20.40 on January 26 and has been falling along the downward resistance line since then..
On March 10, the price hit a low of $9.70. After that, APT rose, but was never able to break through this resistance line..
The price first bounced off the $13.80 resistance area (red circle) and then continued to decline below that line, bouncing again on April 2 (red icon).
Now Aptos is approaching the area of convergence of the resistance line and the $10 support area. This may provoke a decisive price movement soon..
A bullish breakout could take it to $13.80, while a bearish breakout could push it down to $7.
The daily RSI is in the 50 region, which is a sign of a neutral trend. Accordingly, he is unable to give any clues as to where APT is heading next.
Meanwhile, wave analysis promises bullish prospects for Aptos. It can be assumed that the powerful bull run at the beginning of the year was wave 1 of the five-wave bullish structure (black).
This is confirmed by the fact that the correction ended directly in the region of the 0.618 Fibo level of correction (white color).
In this case, the next rally that caused the aforementioned bullish breakout is presumably the start of wave 3.. The results of the sub-wave analysis are presented on the graph in white.
If this analysis is correct, then Aptos could rise to at least $27, which would result in a 1:1 ratio of waves 1 and 3..
If wave 3 is extended, the next resistance will come into play at $37.60. Then the ratio of waves 1 and 3 will be 1:1.61.
Conversely, an absorption of the $9.77 wave 2 low (red line) will cancel this bullish scenario and the price could drop to $4.
Thus, the most likely scenario for Aptos promises the coin growth in the direction of at least $27, and possibly $37.60.
Meanwhile, a drop below $9.77 will neutralize this bullish outlook and could trigger a slide towards $4.