Aptos rushes past $8, what next?

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

Aptos broke out previous the vary highs at $8.8 on excessive buying and selling quantity. This was an indication of conviction from the patrons, and the $10 goal didn’t look implausible. With Bitcoin wanting weak on the charts, some dangers remained for Aptos patrons.

The worth motion that Aptos was growing appeared to go down an analogous route as Ethereum just a few days in the past. ETH too broke out previous the vary highs and a bearish order block, which was retested as a bullish breaker.

 Is a push to $10 possible

Supply: APT/USDT on TradingView

The vary (orange) prolonged from $7.7 to $8.8. Simply over 12 hours earlier than the time of writing, throughout the Asia session, these highs had been breached on robust quantity. The RSI additionally shot larger to underline the bullish momentum.

In doing so, the worth offered two short-term areas that might be retested upon a retracement. The primary was the H2 bullish breaker (cyan) at $8.65, and the opposite was an H4 bullish order block at $8.2.

The OBV broke previous a neighborhood resistance alongside the worth, which advised the transfer upward was backed by real demand.

Nonetheless, one issue to be careful for was the FVG from 8 Might. The purple dashed line represents the higher a part of this imbalance.

It was doable that APT may expertise a quick reversal to $8.2 or $8.6 from this stage earlier than one other transfer larger. To the north the subsequent resistance stage was on the $10 space.

The swiftly ascending OI backed robust bullish sentiment

Supply: Coinalyze

Moreover, the near-term rally of APT was accompanied by an increase within the Open Curiosity. This indicated robust bullish sentiment out there.

Furthermore, the transfer upward was fueled by brief liquidations as nicely, as highlighted on the chart.

How a lot are 1, 10, and 100 APT price at present?

Liquidated bears are compelled to purchase the belongings at market worth to shut their positions. And this provides to the short-term bullish momentum.

Nonetheless, as soon as these orders are wolfed up, Aptos would possibly retrace towards the help zones highlighted beforehand.