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With an 82% rally, Aptos (APT) prepares for a critical breakout for an upside target of $40.
With the Bitcoin price closing towards the $90,000 mark, the AI token market rally is starting to gain momentum. Among the top-performing AI tokens, Aptos stands out, having surged by 60% over the past seven days.
Currently, the Aptos (APT) token is trading at $12.95 and looks poised for a bullish breakout. Could this breakout push Aptos toward the $20 mark, setting a new all-time high?
Aptos Breakout Run Challenges 78.60% Fibonacci level
On the daily chart, Aptos shows a triangle breakout rally, encountering resistance at the $13.71 level, which corresponds to the 78.60% Fibonacci retracement. Following an intraday pullback of 5.46%, a bearish candle has formed, signaling potential caution for the bulls.
Meanwhile, the ongoing bull run originated from a Morning Star pattern at the 200-day EMA, with the price rising from $7.73 to $14.11, reflecting an 82.54% increase.
Aptos Partners with Zero1 Labs as TVL Surpasses $1B
Aptos is experiencing significant network growth, with the total value locked (TVL) crossing the $1 billion mark, currently standing at $1.073 billion. Additionally, trading volume has surpassed $50 million.
A recent partnership with Zero1 Labs will likely further boost the APT token. As part of this collaboration, Zero1 Labs will provide developers with resources to scale AI-powered decentralized applications using Aptos’ unique features. These will include Aptos’ DeimBFTv4 consensus protocol and a parallel execution engine.
Will Aptos Cross $20?
Currently, Aptos faces resistance at the 78.60% Fibonacci level, with the price experiencing a minor pullback. However, as the broader market recovers, the APT price is likely to overcome this resistance and challenge the 100% Fibonacci level at $18.07.
Aptos’ 52-week high stands at $20.39, and the Fibonacci retracement tool suggests a potential target of $25.66. This implies that a new all-time high for Aptos in 2024 is within reach. Beyond that, the 1.618 Fibonacci extension at $40.07 indicates a possible upside of 190% if the price breaks out at $13.71.
On the downside, the psychological support level at $10 is expected to hold as crucial support for Aptos.