Market Sentiment Turns Bearish: Is APT’s $8.09 Support Level Strong Enough?

• APT dropped 6.61% in 24 hours, raising concerns about its future.
• Key support level at $8.09 may determine APT’s potential for recovery or further decline.
• Positive Exchange Netflow indicates rising selling pressure, signaling a bearish sentiment among traders.

Aptos (APT) is at a critical juncture following a significant 6.61% drop in the last 24 hours, as of writing. This decline continues a troubling trend, with a 10.05% decrease over the past week. As market sentiment turns bearish, APT’s trajectory hinges on its next moves. However, the key support level of $8.09 may determine if a rebound is possible.

Can APT Hold Strong at Critical Support?

The $8.09 mark represents a pivotal support level for APT. Typically, buying pressure emerges here, potentially sparking a price recovery. However, market dynamics can often defy expectations. A bounce from this level could drive APT back into a supply zone before cooling off.

If selling pressure continues and this support fails, APT might drop to the next target of $7.23. Continued declines could push the price down to $6.42 or even $6.04. Market participants should closely monitor trading volume and activity around this level.

Traders often react to price movements, creating a highly volatile environment. A successful rebound could rekindle investor interest and stabilize prices. Conversely, failure to hold at $8.09 might signal deeper trouble for APT, leaving traders feeling anxious.

Bearish Sentiment Grows as Market Activity Shifts

Recent On-Chain data shows a troubling trend for APT. Coinglass indicates heightened sell-off activity is weighing down the asset’s price. Liquidation data reveals a staggering $1.45 million in long positions was liquidated in just one day. This figure illustrates a prevailing bearish sentiment among traders who expected a price rally.

Simultaneously, Open Interest has dropped sharply, falling from $259.04 million to $168.96 million. This decline signals waning buying interest. Active, unsettled derivatives contracts suggest that traders increasingly anticipate further downturns. As more traders take short positions, market confidence wanes.

Adding to this negative outlook, APT’s Exchange Netflow has turned positive in the last 12 hours. This development indicates rising inflows of APT into exchanges. A positive Netflow often signals potential price drops, as more tokens become available for sale.

Without a significant turnaround, APT’s future remains uncertain, making the next few days critical for this cryptocurrency. All eyes will remain on the crucial support level of $8.09.