Aptos (APT) ‘s price fell below $5 on Thursday, March 13, for the first time since August 2024. However, APT has recovered from that decline within the past week, posting an 8.45% price increase.
At press time, Aptos’s price hovers around $5.85. However, the upswing appears to be only temporary, with upper resistance levels ready to limit the rally.
In this analysis, CCN explains why the recovery of altcoin is unlikely to extend in the short term.
Aptos price surpassed the $15 mark in December amid the market’s excitement about Donald Trump’s pro-crypto policies. While the U.S. president seems to be delivering on the promise, the tariffs on other countries neutralized the bullish outlook.
As a result of this and rising selling pressure, APT plummeted to $4.85 around mid-March. According to the daily chart, the decline also accelerated due to a head and shoulders formation.
The head and shoulders pattern is a bearish reversal formation, indicating a potential shift from bullish to bearish.
It consists of three peaks, where the middle peak (head) is the highest, flanked by two lower peaks (shoulders), with a baseline (neckline) that, once broken, confirms the downtrend.
As shown below, the neckline of the pattern was at $8.12. But amid a decline in trading volume and demand, Aptos price slid below this level, eventually leading to an extended correction.
As of this writing, the ADX reading has turned downward to 17.66. If this remains the same or continues to fall, the Aptos price might not continue its recovery.
APT Price Analysis: No Rally Ahead
Looking at the daily chart again, the Bollinger Bands (BB) is contracting. The BB measures volatility, showing how extreme price swings can be.
When the bands widen, it indicates high volatility, indicating notable price swings depending on the position of other indicators.
However, since the BB contracted, it indicates that Aptos’s price is unlikely to experience an exponential rally.
Instead, the altcoin might face resistance near $6.20. Should this be the case, the cryptocurrency’s value might pull back to $4.32.
However, if the toke can breach the 0.236 Fibonacci level, this decline might not happen.
If true, APT’s price might inch toward the 0.618 Fib position at $11.12.The pattern forms a head-and-shoulders configuration.
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.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
