Aptos Price Fell Below Major Support; Will It Grab Liquidity & Rebound?

• Aptos crypto price has declined by 23% this month, indicating bears’ grip.
• A bullish divergence has been seen in the RSI, indicating a bullish forecast.

Aptos price has almost consolidated in a parallel channel throughout this year. In the last week of March, the digital asset price triggered a breakout from the channel and gained 72% but failed to hold and continue. However, the price fell back to the channel and started consolidation again.

The APT crypto price has recently slipped below the channel and reached a multi-month low. The Aptos price has been struggling to breach the $7 hurdle for the past few days, as buyers are showing interest. 

At press time, the Aptos crypto price tarded at $7, which has increased by 1.30% in the last 24 hours. The market capitalization is $3.12 billion, and the volume is $158.01 million, ranking 49th in the cryptocurrency market.

Aptos Price at Bottom and Its Time to Fly?

A source on X claims that the APT price has found its bottom on a weekly timeframe. The Aptos price has been rising because of support from the trendline over a weekly time frame. Currently, the price has approached the trendline. It awaits a bounce back after the consolidation for the short term.

Will Aptos Price Rebound from the $7 Mark of Keep Falling?

The sellers have been struggling to drag down the price below the $7 mark for the past few days. Historically, the Aptos price has consolidated for a month in this zone, and intense buying pressure has been witnessed after a breakout.

The APT price has slipped below the major support level at press time, and the current cryptocurrency sentiment is bearish. After multiple attempts to exceed the $20 mark, sellers have taken control and dragged down the price below the major support level.

Sellers might get trapped below the support level if the APT price bounces back to the parallel channel and starts consolidation. The liquidity grab might help in a sharp upmove.

Alternatively, if the digital asset price fails to defend against the $7 hurdle, sellers may become confident, and intense selling pressure can be expected. Bears may be eyeing the $3 mark if the buyers fail to bounce back.

Based on the technical indicators, the RSI is 33 and trying to recover from the oversold zone. It has yet to intersect the Signal line. RSI has generated a bullish divergence with the price, which showcases the bullish momentum.

Conclusion

The Aptos crypto market has been experiencing significant fluctuations, with the price slipping below major support and struggling to breach the $7 hurdle. Recent reports suggest that the price may have found its bottom on a weekly timeframe, indicating a potential bounce back shortly. However, it’s crucial to consider the current bearish sentiment in the cryptocurrency market and the possibility of sellers gaining confidence if the price fails to defend the $7 hurdle. The RSI indicator, currently at 33, is attempting to recover from the oversold zone but has yet to surpass the Signal line.

Technical Levels

Aptos crypto price may face resistance from the $10.25 and $14.30 based on the technical chart structure. The price may face resistance from the $7.00 and $4.90 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.