2023-5-9 09:52 |
Aptos’s price stayed calm around March’s support for days due to a lack of interest over the past few days. However, it seems to be losing grip as the price drops slowly below the support. Could this be another meltdown?
APT rallied by more than 500% earlier this year but later had a stopover after failing to sustain bullish momentum above the $20 mark level. It retraced and lost roughly half of its value in the space of six weeks.
After the crypto pinned support at $9.7 in March, it pushed to $14, rejected it and released selling pressure again. That pressure brought the price back to March’s support level after further rejection at the descending resistance line at $13.5.
It remained calm around this support for two weeks but now appears to be losing grip. A fresh decrease could be around the corner with the slow and steady cracks over the past 24 hours. Although it is yet to become significant.
A heavy price drop from the current trading level could dip the price to as low as $4. That resistance line remains an obstacle for the bulls to overcome. If they successfully surpass it, we can expect a reversal for positive actions.
Looking at the price actions from a technical standpoint, APT is currently on the verge of cracking three-month support. A strong sell action is much more likely to take place than a buy.
Aptos Key Level To Watch Source: TradingviewIn anticipation, the closest support level for this drop lies at $8.2, followed by minor support at $7. In case those levels fail to hold, the major support level for a retest is $5.52.
Inversely, the $11 level is held as resistance. If the price recovers above it, the levels to watch above that resistance line are $12 and $13.5. A higher resistance level is found at $16.7.
Key Resistance Levels: $11, $13.5, $16.7
Key Support Levels: $8.2, $7, $5.52
Spot Price: $9.72 Trend: Bearish Volatility: LowDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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