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Amid the potential for a $10 breakout, bullish run anticipations for Aptos (APT) are surging. Will this breakout lead to a rise to $18?
With a minor recovery in the altcoin market, Aptos is on the verge of a bullish breakout. Standing at a crossroads near the crucial resistance, slightly below the $10 psychological mark, the future price of Aptos depends on the current short-term price trend.
Will the recovery rally in Aptos give a breakout rally to extend the recovery run in this October season? Let’s find out in the APT price analysis below.
Aptos Price Analysis
The daily chart shows a rounding bottom reversal, which indicates a trend reversal rally. Aptos has increased by 2.53% in the past 24 hours and is currently trading at $9.24.
Aptos has a market cap of $4.64 billion and is on the verge of a breakout rally. The neckline of the rounding bottom pattern stands at $9.49, coinciding with the 50% Fibonacci level.
Calculating from the 52-week low of $4.34, the AI token has increased by 112% within the past two months. As the recovery rally gains momentum, the increased influence has resulted in multiple bullish crossovers.
Where’s Aptos Price Headed?
With the 20-day and 200-day EMAs giving a bullish crossover, the 50- and 100-day EMA crossover gives a more prominent buy signal. Meanwhile, the rising trend in the 50-day EMA teases a golden crossover with the 200-day EMA. Hence, the overall sentiment of the exponential moving averages is bullish and gives a buy signal for Aptos.
However, the RSI indicator takes a sluggish route near the overbought boundary line as Aptos reaches the rounding bottom’s neckline. This warns of a minor pullback due to the short-term divergence. Hence, a retest of the 20-day EMA is possible.
Nevertheless, as the recovery rally continues, a bullish breakout of the 50% Fibonacci level will kick-start the next recovery run. The next price targets for Aptos are $13.71 and $18.00. On the flip side, the crucial supports are at $7.76 and $6.76.