Mantle Hits ATH - Can Aptos Do the Same? | Credit: Hameem Sarwar
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Key Takeaways
Mantle (MNT) reached a new all-time high price of $2.16.
Aptos (APT) reclaimed the 5$ horizontal area and broke out.
Can Aptos follow Mantle and reach a new all-time high price?
Mantle and Aptos made big moves last week. Mantle hit a new all-time high while Aptos bounced by reclaiming the $5 support level.
Even though Aptos is far from its all-time high, the bounce’s strength bodes well for the rest of the year.
With that in mind, let’s analyze its price action and determine if it can follow Mantle’s lead to a new all-time high price.
Mantle’s All-Time High Price
The weekly time frame chart shows that the MNT price has increased rapidly since its $0.55 low in July, which marked the end of a lengthy A-B-C corrective structure.
Until September, the MNT price failed to break out from its diagonal resistance and the $1.40 horizontal resistance area.
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The upward movement became parabolic once it finally cleared these levels (represented by the green icon). Without any significant retracement, the Mantle price reached a new all-time high of $2.16 today.
Although the increase is parabolic, momentum indicators do not yet indicate any weakness.
On the contrary, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are still increasing, and neither has generated any bearish divergence.
The sub-wave count (black) and the ascending wedge pattern suggest the top is in place, since another extension will invalidate the count, making sub-wave three the shortest.
As a result, the Mantle price could reach a local top soon and decline toward $1.78 or $1.55.
Aptos Reclaims Support
Unlike Mantle, the Aptos price is nowhere near its all-time high. However, its price action is bullish for different reasons.
In June, the APT price nearly reached a new all-time low after breaking below the $5 horizontal support area.
However, that proved to be a failed breakdown. Last week, after a collaboration with World Liberty Financial, the Aptos price created a massive bullish engulfing candlestick (green icon).
The Aptos price broke out from the $5 area and a diagonal resistance trendline, suggesting that the trend has finally turned bullish and new highs are likely to follow soon.
The bullish divergences in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) support this Aptos prediction.
If the increase continues this week, Aptos could reach at least the 0.382 Fibonacci retracement resistance level at $8.20.
Bullish Trend Ahead
Mantle and Aptos both increased considerably last week. While Mantle reached a new all-time high, Aptos prevented a breakdown with a strong reclaim.
While Mantle could reach a local top soon, Aptos is likely at the start of an upward movement that will lead to a substantial rally by the end of the year.
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.
