Aptos (APT) Ends Month-Long Downtrend — Charts Hint at a 50% Upswing

Key Takeaways

• Aptos price climbed by 12%, breaking out of a falling wedge pattern on the daily chart.
• The altcoin’s volume has exceeded $500 million and could strengthen the recent upswing.
• APT is experiencing buying pressure and bullish momentum, signaling an extended rally.

As CCN analysis rightly predicted in January, Aptos (APT) ‘s price corrected to below $6. This price action followed the broader market decline, and many other cryptos suffered a similar fate.

However, APT has finally broken free from its month-long downtrend. In the last 24 hours, the altcoin’s value has climbed by 12% while changing hands at $6.68.

If the token clears key resistance levels, technical indicators and on-chain metrics suggest it could be in line for an extended surge. Will this breakout hold, or is another rejection an option?

Aptos Breaks Out of Falling Wedge

Aptos’s price decline occurred because a bearish flag formed after the price surpassed $13 in December. However, this technical pattern is no longer dominant on the daily chart.

Instead, the chart shows that APT’s downtrend since the beginning of the month led to the formation of a falling wedge. A falling wedge is a pattern defined by two descending trendlines—one tracking lower highs and the other representing the lower lows.

As seen below, Aptos’s price seemed to have made its last downward move after hitting $5.70. As a result, it has now broken out of the wedge’s upper trendline, which represents the lower highs.

This breakout confirms the bullish trend, indicating that the price might continue to trade higher. Furthermore, the Money Flow Index (MFI) has risen above the neutral line, indicating that buying pressure has increased.

Should this trend continue, then APT’s price will likely add to its recent gains.

Rising Volume Backs the Uptrend

The on-chain analysis also supports this position as the cryptocurrency’s volume surged lately. According to Santiment, Aptos volume, which was lower than $100 million on Feb.16, has skyrocketed above $500 million.

This surge suggests increased market interaction with the altcoin. From a price perspective, if the trading volume continues to rise alongside APT’s uptrend, it could signal further gains and reinforce the aforementioned bullish outlook.

APT Price to Get Close to Double-Digit

Analysis of the 4-hour chart also seems to agree with this thesis. During this timeframe, the Aptos price broke out of the range-bound movement between $5.43 and $6.33.

Furthermore, the reading of the Relative Strength Index (RSI) has increased, but it has not reached the overbought region. This indicates that the momentum around APT is bullish, and a notable pullback might be unlikely.

Considering this trend, the altcoin’s value might break above the resistance between $6.59 and $8.62. If validated, this might lead to a 50% hike that would send Aptos’ price to $9.87.

Alternatively, if APT fails to rise above the $7.22 resistance, this prediction might not come to pass.

Instead, the token’s bullish trend might be invalidated, and APT might decline to $5.70. In a highly bearish case, it could drop to $4.56.