APT Coin Price: Bears Maintains Resistance At $11, What’s Next?

• The APT coin price is trading at $9.13 while observing a decline of 2.12% during the intraday trading session.
• The price has a breakout from a bullish flag pattern at $8.82.

Aptos (APT) employs a novel smart contract programming language called Move. The Meta Deim’s blockchain engineer has developed this Rust-based programming language. Aptos is a proof-of-stake (PoS) blockchain that aims to bring a mainstream adaptation of Web3 and empowers an ecosystem of DApps to solve real-world user problems.

APT Coin Price Surged More than 130% in the Last Six Months

On October 12, 2024, the APT coin price started a move toward the $7.54 resistance level. That rally gains a lot of attention from the crypto traders. The APT coin price advances more than 70% from the $4.73 extreme demand level.

Subsequently, the price was sustained above the $6.97 support level, resulting in a bullish crossover between the 50-day and the 200-day EMAs. Afterward, the price got a positive response from the buyers, and they led the price to $11.13 resistance.

The APT coin price surged nearly 58% during this rally by forming a demand level of $7.54, which previously served as a resistance. The buyers started booking profits from the $11.13 resistance level, resulting in the formation of a bullish flag.

Moreover, the price has gotten a positive reaction from the buyers at the $7.54 support level. The APT coin’s all-time high price is $19.90, created a year ago. The current market price is performing 54.3% below it.

Technical Analysis of the APT Coin Price

The current APT coin price is moving below the 50-day EMA, indicating weakness in the bullish strength. Previously, the price got a bullish reaction from the 200-day EMA, which can play a strong support level in the current trading phase.

The APT coin price has given a breakout from the bullish flag pattern at the $8.82 level.

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It took support from the $7.54 demand level, which keeps the buyers in the market. Besides, the price moved over 40% from that demand level.

As far as price action is concerned, the APT coin price faced resistance from the $10.54 level and is moving toward the $8.82 breakout level. A short-term fall can be expected if the price breaks below the $8.82 level.

The relative strength index (RSI) has shown a bearish divergence in the price momentum. That indicates selling pressure in the current trading session. The RSI is moving at 47.55 below the 50-mark middle band.

Conclusion

Lastly, the APT coin price is moving in an uptrend and faces resistance from the $11.13 level. At press time, the price is trading at the $9.13 level, moving toward the $8.82 breakout level. A short-term fall can be expected if the APT coin price moves below $8.82. However, it needs to close above the $11.13 resistance level to continue the trend.

Technical Levels

• Resistance Levels: $11.13 and $14.77
• Support Levels: $8.82 and $6.97

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.