Aptos (APT) Price Down 15% From Recent High, More Upside Potential Ahead
APT price reached a higher high but made a 15% downturn after. Is the uptrend over or does it have more room to the upside?
Key Takeaways
- APT rallying from $5 support hints at a new bullish cycle.
- The recent $14 high signals potential for higher targets if momentum holds.
- $16 level in sight if wave 3 impulse continues upward.
After ending its ascending channel, the Aptos (APT) price made a retracement that was considered a correction.
A new uptrend began on Nov. 4, but the momentum was short-lived. If the price is in a new bullish phase, there is more room for the upside.
APT Price Analysis
APT entered a bullish phase in October 2023, starting from a low of $4.70 and reaching $10 by December. However, momentum slowed, causing a drop to $8 in January.
After this dip, APT rallied strongly, climbing to nearly $20 in a five-wave pattern, suggesting a larger bullish cycle.
A sharp correction followed, with APT plummeting from $20 to $8 between March 26 and April 13. Following a period of horizontal consolidation, APT resumed its downtrend, eventually hitting support at $5 on Aug. 5.
The daily Relative Strength Index (RSI) indicated that oversold conditions triggered a recovery, leading to a 142% increase to $11.20 by Oct. 22, where it encountered ascending resistance.
Bearish divergence, with the price rising as RSI declined, hinted that this rally might end.
APT has since broken below the ascending channel’s support, with the price returning to around $8 on Nov. 4. This was anticipated as a corrective ABC as the second sub-wave in a new bullish cycle, and once it landed on the 0.5 Fibonacci retracement level a new uptrend began.
On Nov. 11, APT reached a high of $14, after which it dropped to $11.
APT Price Prediction
The hourly chart shows APT completing a five-wave impulse from Aug. 5, with a downturn beginning after the $11.20 peak on Oct. 22, forming a three-wave move.
This correction may represent an ABC pattern, the first correction in a new bull phase. Our target at the 0.5 Fibonacci level, around $7.80, has been met, causing a strong momentum uptrend.
This correction may represent an ABC pattern, the first correction in a new bull phase. We have met our target at the 0.5 Fibonacci level, around $7.80, which caused a strong momentum uptrend.
Nov. 11 high ended with a spike, indicating that resistance has been encountered. Despite the following downturn, it appears APT has more room for the upside, as it only came up to 1 Fib level before showing signs of weakness.
If this is the higher degree wave three, its momentum should be stronger.
This is why we can APT at least continue for another higher high to $16 at the 1.272 Fib level.
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