Bearish Flag Looms Over APTOS Price What to Expect Next
- APT is currently priced at $15.18, with a loss of 7.78% in a week, at press time.
- The token’s price is fluctuating under the 200 EMA.
- The forecasted bearish price of APT is $12.9973.
The budding crypto Aptos has garnered attention with its cutting-edge technology and optimistic outlook. Despite this, Aptos has observed a downward trend over the past week, with a decrease of 7.78% in its market value.
Despite a prolonged effort to maintain its position above the 200-day Moving Average (MA), the APT/USDT trading pair has finally succumbed to bearish pressure, sinking below the crucial MA level. The above 1-hour technical analysis of APT/USDT reveals a bearish trend that suggests further downward movement in the near future.
Currently, APT is trading inside a bearish flag. The price of Aptos may experience a temporary increase, reaching the upper trendline of the flag, before potentially experiencing a decline to its current 1-hour support level at $12.9973, potentially breaking the current low at $14.3187.
An alternative scenario suggests that if Aptos experiences a trend reversal from its current downward trajectory, it could potentially reach its prior 1-hour strong high of $18.7047 and stay above the 200-MA. The resistance zone of APT lies between $20.7008 and $20.0261.
Additionally, the Bollinger Bands suggest a heightened degree of volatility in the short term, signaling the potential for a significant price fluctuation, either in an upward or downward direction. The recent formation of a golden cross between the 50-day MA and 200-day MA was followed by a decline in price from $16.4137.
Moreover, the Relative Strength Index of APT sits at 48.96 under 50, meaning that some hodlers are starting to unload their Aptos bag. Currently, Aptos is trading at $15.23 according to CoinMarketCap. Its trading volume has decreased by 0.14% within the past 24 hours.
Lastly, traders are keeping a close eye on this budding crypto as it navigates through the uncertain market. The downward trend continues as traders unload bags and volatility rises, and the question remains: will APTOS be able to make a comeback?