Aptos (APT) Price Breaks Channel Support — Drops to $8 With Further Downside Expected
APT makes a breakout to the downside below ascending support. Was this a corrective move before more upside?
Key Takeaways
- APT met resistance at $11.20, signaling possible trend exhaustion.
- Current correction targets 0.5 and 0.618 Fibonacci levels.
- Uptrend continuation above $10 would confirm a bullish outlook.
After a recent surge to $11.20, bearish signals have emerged, suggesting a potential shift in trend.
The next support levels will determine whether APT’s trajectory remains bullish or turns lower.
APT Price Analysis
APT price began its last bulls phase in October 2023, establishing a low of $4.70 and climbing to $10 by December. However, momentum waned, causing a drop to $8 in January.
Following this, APT initiated a strong rally, reaching nearly $20 in a five-wave pattern, hinting at a larger bull cycle.
Yet, a sharp decline ensued, with APT falling from $20 to $8 within 18 days between March 26 and April 13. After consolidating in a horizontal range, APT resumed its downtrend, returning to pre-rally levels and hitting $5 support on Aug. 5.
As APT entered oversold territory, signaled by the daily Relative Strength Index (RSI), a recovery began.
This resulted in a 142% rise to $11.20 on Oct. 22, which interacted with ascending resistance. Bearish divergence, with the price rising as the RSI declined, suggests the rally may be over.
We saw a downturn, leading to a breakout below the ascending channel’s support. The price of APT is currently trading around $8 again. Was this a correction before the further increase, or was the ascending channel a corrective structure leading to a more sustained downside?
APT Price Prediction
Analyzing the wave structure on the hourly chart shows that APT has completed a five-wave impulse since Aug.5.
Since its ending point of $11.20 on Oct. 22, the price took a downturn, developing a three-wave move.
Some of our previous analyses anticipated this correction as the ABC pattern, the first correction in a new bull phase. Our initial target at the 0.5 Fibonacci level at $7.80 was met, leading to the question of whether or not it is completed.
A bounce was seen from the 0.5 Fib level, but there are no major signs of a new starting uptrend. Should the rise continue and bring the APT price back above $10, that would strengthen our assumption.
But if there is still a chance that the price might continue lower to the 0.618 Fib at $7 before the pattern fully develops.
On a macro scale, the completion of this ABC correction would be a second sub-wave, meaning that its next uptrend could be wave three of the five-wave pattern, leading to values above $16 next.
Aptos Price Prediction 2025: Why APT Could Face a Bearish Outlook
