Aptos (APT) broke out above its September high on Oct. 3.
The APT price has likely finished an A-B-C correction.
Has APT started its reversal, and can it reach new highs?
The Aptos (APT) price has increased since Aug. 5, after creating several higher lows in September; the price reached a new monthly high of $8.64 on Sept. 26. Then, after a crypto market correction that started on Oct. 1, APT posted one of the best recoveries, briefly moving above the $8.64 high on Oct. 3.
Since cryptocurrencies that show strength after a correction are often the first to reach new highs, let’s analyze the APT price movement and see if this will be the case.
Aptos Completes Correction
The 3-day Aptos price history shows a downward movement since the Jan. 2023 all-time high of $20.40. In March 2024, APT created a lower high and fell at an even more accelerated rate.
Besides two deviations, most movement is contained inside the $5-$10 horizontal range.
On Aug. 5, the APT price fell to $4.32 but bounced almost immediately afterward, reclaiming the $5 horizontal area. The price has increased since.
Bullish divergences in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) (green) led to the upward movement, which has culminated in a high of $8.74.
Since the divergences, the RSI has increased above 50, and the MACD has moved into positive territory, confirming the reversal trend.
On top of these bullish signs, the entire movement since the all-time high looks like a completed A-B-C correction, where waves A:C had a nearly 1:1 ratio.
Similarly to the 3-day time frame, the daily one also gives a bullish APT price prediction. On Sept. 20, the price of APT broke out from a descending resistance trend line and reclaimed the $7.80 horizontal area.
Then, the RSI crossed above 50 while the MACD moved into positive territory.
It is also worth mentioning that despite the crypto market correction since Oct. 1, the APT price has already regained all of its losses and moved to new highs.
So, all signs point to an upward movement toward the 0.618 Fibonacci retracement resistance level at $13.75.
Because of the positive long-term readings, APT may reach a new all-time high. However, the $13.75 area is likely to provide temporary resistance.
Aptos Shows Strength
The APT outlook is bullish in both long- and short-term time frames. Moreover, APT has recovered admirably during the ongoing market correction, a sign that the upward movement will likely continue once the market stabilizes.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
