Aptos Bounced Back: Will APT Escape Out Of The Channel Above $8

Based on the Layer-1 blockchain network, APT has bounced back from its downward trajectory and is on the brink of a breakout. It climbed above the 20-day and 50-day EMAs mark and is eyeing extending the gains.

Notably, buyers were eyeing the make-or-break zone of the $8 mark, which was the primary juncture. APT was trading inside a falling channel and was willing to cross the 200-day EMA mark for a short-term reversal.

With the market recovery, Aptos participated in the altcoin rebound celebration and recuperated its gains by over 40% in the last two weeks. Still, the token was traded below the 38.2% Fib zone.

Meanwhile, the trend remained neutral, and the token reached its crucial resistance clusters near $8. It was quite difficult for the bulls to surpass these hurdles with a single hand, and they needed strong momentum to defeat the bear army.

Until the $8 mark is crossed, sellers will dominate. The token may consolidate around its 50-day EMA mark ahead. Despite the pullback from the oversold region, the buyers lacked momentum though they attempted to attain follow-on gains.

How is Aptos Performing Right Now?

At press time, APT was trading at $7.39 with an intraday surge of 5.56%, reflecting a rise. Its volume soared by 14% to $90.28 Million in the last 24 hours.

The pair of APT/BTC is at 0.000111 BTC, while the market cap is $3.45 Billion. Analysts are neutral and suggest that APT may break out and retest the $10 mark soon.

It has a total supply of 1.11 billion, while the circulating supply stood at 467.40 Million.

Will Aptos (APT) Take the Bold Move Ahead?

APT reached its most vital cluster near the $8 mark, and the buyers are preparing to embark on a short-term reversal. Also, an indecision candlestick was noted during the intraday session.

Once it breaks and closes above $7.50, a short-term rise would be validated, and the token might stretch rise to the $8 mark. Meanwhile, the trading volume remained low, which is a concern.

A tweet by @Iwantcoinnnews revealed that APT has shown a pump and is set to approach the $10 mark ahead.

A Tweet by @Iwantcoinnnews | Source: X

Per the Fibo levels, the token has stayed above the 23.6% zone and is eyeing to approach the 38.2% zone near the $7.70 mark.

APT Funding Rates Still on the Positive Way

The OI-Weighted funding rate chart displayed positive money flow and continued to plot the green bars, highlighting the bullish sentiment among investors.

OI-Weighted Funding Rate | Source: CoinGlass

Total Open Interest and Development Data Overview

The development activity data witnessed a slight decline and dropped over 12% this week, noted at 34.12, conveying a decremental shift in the ecosystem.

Meanwhile, the open interest data rose over 4.30% to $65.94 Million, reflecting fresh long additions in the past 24 hours.

The immediate support levels for the Aptos token are $7.20 and $6.70, whereas the key upside hurdle is around $8, followed by $8.60

The token price climbed above the 20-day EMA mark and reached the 50-day EMA mark. However, a breakout was yet to be triggered. Buyers are yet to bounce back.