- Aptos nears crucial $4.3 support, potentially entering a final correction before a bullish reversal.
- The long upper wick on Oct 22 hints at the end of the recent Aptos rally, suggesting a possible downward correction.
- Aptos may rebound if $4.3 support holds, setting sights on new resistance levels for potential recovery
Aptos (APT) seems to be approaching a key support level which indicates that a last flushing out might be in the offing before the bulls come into play. In a recent X post, Alan Santana noted that APT may be planning one more move downwards, which may find support at a historically significant level and then start rising.
A key level was broken on October 22 when a long upper wick was formed indicating that the recent bullish trend may have ended. This wick shows a sharp increase in price and then a slight pull back and is usually a sign of buyer fatigue which usually leads to a downward trend.
Aptos Faces Support Test
Following this formation, the price of Aptos started falling, indicating a possible correction process had started. By our analysis, this correction could take APT to around $4.3, a level that has provided support during previous selloffs.
The support area that has been chosen has been a significant level for APT in the recent months as it acted as a support level in August and October of the year 2023. This zone has often been used as the basis of formation of price consolidation. Nonetheless, if the bears increase selling pressure and the support level breaks down; Aptos is likely to experience further reductions before finding support.
Investor Impact on APT
Consequently, the manner in which APT will react at this level of support is mainly a function of the market as well as the investors. On the other hand, an increase in buying activities may force the automated trading systems to put more pressure on the selling side, which may lead to the prolonged correction phase. At the time of writing, APT is priced at $9.25 with a 24-hour falling rate of 7.29%.
Source: TradingView
This upcoming correction will be the final major drop before Aptos could potentially reverse. If the support holds, APT could focus on the next resistance levels in the near to medium term horizon which may provide a path for the recovery. These resistance levels can be expected to be the next barriers in APT when a reversal takes place to give way for further upside movement.