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Aptos price gained traction and noted a massive 16% rise. The recent surge has amplified the possibility of a bullish reversal in the coin. It has performed extremely well in recent sessions, rising over 25% a week.
Moreover, the recent surge seemed accompanied by a significant inflow in the derivatives contracts. As per the analysts, the derivatives contracts have noted a robust growth of over 50%, thus driving the price closer to the higher swings.
Despite the recent efforts, Aptos has still not invalidated the higher supply, which added a risk of selloff at the higher levels. At the time of writing, Aptos was trading close to $6.6, recording an impressive 16% rise in Intraday.
Open Interest Contract Spiked by 50%
The Aptos coin has performed extremely well in recent sessions, adding nearly 25% a week. The crypto noted an almost 30% crash in tandem with the broader market fall. However, the recent recovery has been quick and loaded with momentum, indicating the possibility of a trend continuation.
As per the analysts, the recent price surge has been mainly driven by the derivatives traders. The last couple of sessions saw a notable 50% rise in the open interest data, indicating a strong comeback by the buyers.
The Number of open contracts was nearly $45 Million, as recorded on 10th August. However, the number of open contracts jumped dramatically to $67 Million, as observed by the analyst today, indicating a nearly $22 Million rise. A rise in the open contracts often shows a continuation in the asset price.
Can Aptos Price Head for a Bullish Reversal?
After a strong surge in recent sessions, the short-trend Outlook for Aptos has reversed to a bullish one. The price has reclaimed above the 50-day exponential moving average, indicating a sign of optimism in the short term.
However, the Aptos price lags nearly 19% from the 200 exponential moving average, indicating weakness in the long term. However, the long-term trend may shift to the bullish side if the APT price continues to conquer higher levels with momentum.
On the higher side, the price has a potential space of nearly 20% if it surpasses the recent supply of $7.5 level. Also, if the selling pressure exceeds and drags the price below the $4.9 level, it may invalidate the bullish scenario and extend its decline toward the $4.5 level.
APT Price Assessment
Aptos price surged 16% today, increasing the probability of a potential bullish reversal. The asset has risen over 25% in a week, recovering from an earlier 30% crash. Moreover, the recent price surge was largely driven by a 50% increase in derivatives contracts. The OI data surged from $45 million to $67 million in the last couple of sessions.
Furthermore, the short-term outlook at press time was bullish, with the price trading above the 50-day EMA. Yet, it lags 19% behind the 200-day EMA. If the Aptos price surpasses $7.5, it could gain another 20%. However, falling below $4.9 could lead to a decline towards $4.5.