invezz.com
Aptos (APT) gained over 30% in the past seven days as Donald Trump’s historic victory supercharged cryptocurrencies to new all-time highs.
While the altcoin eyes further gains, the imminent token unlock threatened bear comeback.
Massive token unlock threatens APT’s rally
According to Cryptorank, the project plans to release $121.87 million worth of APT tomorrow, November 12.
The event will magnify Aptos’ supply, likely attracting selling pressure.
While that signals upcoming declines, APT seems to have what it takes to weather the bearish storm.
APT’s latest recovery emerged after a Golden Cross formation, which catalyzed an over 10% jump to surpass $11.
The optimistic formation signaled continued upsides for the alt.
Inside Aptos’ golden cross
The golden cross is a significant technical signal that appears when the 50-d SMA crosses beyond the 200-d SMA, generally welcoming upswings.
The crossover indicates magnified buying momentum, suggesting possible prolonged gains for APT.
Interestingly, APT’s golden cross occurred amid surged trading volumes, strengthening the bullish sentiments.
Meanwhile, buyers should hold APT beyond the recently breached $10.58 resistance for the golden cross to yield the predicted upswing.
That could trigger upswings towards $18.275 – a 70% surge from current prices.
On-chain data supports the upside
APT has seen a notable uptick in social volume lately, confirming surged visibility and interest by enthusiasts.
That will likely attract new buyers and reinforce the upside strength.
Moreover, Santiment confirmed steady developer activity within the Aptos ecosystem, signaling long-term sustainability.
Further, unwavering development activities guarantee investors an active and dedicated team, bolstering trust in APT’s future performance.
The positive Long-Short ratio (according to Coinglass) highlights optimism, with most traders betting on price surges.
Also, Open Interest in Aptos futures has soared nearly 20% to $225 million, signaling substantial trader interest.
APT current price outlook
Aptos changes hands at $10.75 after gaining over 30% in the past seven days.
While bears plan a comeback ahead of tomorrow’s massive token release, on-chain data & technical analysis show APT could absorb the selling pressure and extend its upside.
The golden cross formation, steady developer activity, increased Open Interest, and skyrocketed social volume set the APT price for a 70% surge from current prices to above $18.
Nevertheless, solidifying beyond the nearest resistance of $10.58 is vital for APT to maintain its upward trajectory.
Aptos seems to boast what it takes for prolonged rallies, which will retain and attract new participants to the L1 project.
Broad market performance, which analysts forecast a bull dominance, will be crucial for Aptos’ trajectory in the upcoming sessions.
The post Aptos (APT) displays stability as golden cross forms ahead of massive token unlock appeared first on Invezz