Aptos (APT) Drops 10% From Yesterday’s High Amid Bearish Divergence

Key Takeaways

• APT surged 142% from Aug. 5 to Oct. 22.
• Bearish divergence suggests a potential correction ahead.
• The next downside target could be the $7.80 Fibonacci level.

Aptos (APT) has shown significant price movement over the past year, starting from its low in October 2023, followed by a sharp uptrend and recent correction.

This analysis highlights key price trends, wave structures, and the potential for further declines after a recent rally.

Aptos Price Analysis

APT began its previous uptrend in October last year, establishing a low of $4.70. It climbed to $10 by December but struggled to maintain momentum, dropping to $8 in January.

From this point, APT initiated a strong rally, reaching nearly $20 in a five-wave movement, signaling the potential for a larger bull cycle.

However, a sharp decline followed, as the price fell from $20 to $8 within 18 days, between March 26 and April 13.

After bouncing in a horizontal range and trading sideways, APT continued its downward trajectory, reverting to the levels before the price surge. On Aug. 5, it landed on $5 support, even spiking slightly further down. 

As it reached the oversold zone, indicated by the daily chart Relative Strength Index (RSI), an upturn followed.

APT started a recovery, leading to a 142% rise to $11 on Oct. 22. This high was yet another interaction with the ascending resistance level, potentially hinting that the rally is finished. 

Bearish divergence was spotted as the price increased while the RSI started declining. With a 10% decrease since yesterday’s high, is APT ready for a correction? 

APT Price Prediction 

Looking at the hourly chart, we can see that APT made a five-wave impulse since Aug. 5. Counting the sub-waves, there is a strong chance it continued on Oct. 22, a high of $11.20. 

The following decrease brought APT back to the level from which the last rise was made, whipping the previous gains.

This could be the first indicator of the coming correction. If true, an ABC pattern to the downside should develop.

The first likely target would be the 0.5 Fib level at $7.80, but if the momentum continues, it could fall slightly further to $7 or even below it.