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Aptos Price Faces a Minor Pullback at $17.52 After a Week of a Bullish Spree


coinedition.com 28 January 2023 12:52, UTC
Reading time: ~2 m

The Aptos cryptocurrency has been making headlines recently due to its remarkable performance in the last 30 days. The altcoin has seen a surge of 456.54% over the past month, pushing its price to its 7-day all-time high of $20.19, and 128.98% from its 7-day all-time low of $7.77.

Aptos weekly price action: Coinmarketcap

However, Aptos prices are facing some stiff resistance around the $20 level and were unable to break through it. This has caused a minor pullback from the all-time high, with APT now trading at $17.52 on major exchanges such as Binance and Bitfinex. The bulls are defending the key support level of $17.00 and are looking to keep it afloat so that further gains can be made in the near future.

Aptos price has declined by a minor figure of 0.3% at the time of writing, trading at around $17.67.APT price is well above the 7-day moving average of $12.67. Although Aptos price faces a minor pullback, the bullish trend is still likely to remain in place as long as the bulls defend the key support level of $17.00.

Using the momentum oscillators to measure the strength of the momentum, we can see the Relative Strength Index (RSI) is currently trading at the overbought region, indicating that the market sentiment is bullish.

APT/USD daily chart: TradingView

Since the Aptos price has been facing some resistance near the $20 mark, it is likely that APT may consolidate in between these levels for a few days before making any major move.

Most of the popular technical indicators are painting a firm bullish sentiment for Aptos. Out of the 26 technical indicators, 15 are giving a buy signal and 11 are showing a neutral signal. The Aptos price has been on the rise for quite some time now.

The recent price hike seems to be cut short by profit-taking, but the underlying bullish sentiment still remains intact. A minor correction might be expected if the bulls are unable to defend the key support level of $17.00. The key support levels are $17.00 and $15.49, while the key resistance levels are $18.20 and $19.90.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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