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Aptos Price Prediction: This Reversal Pattern Prepares APT For An 87% Breakout

Aptos (APT)
Aptos (APT)

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Aptos (APT) price was trading with a bullish bias for the first 25 days of January before a bearish resurgence interrupted the uptrend. A lot of uncollected liquidity around $18.99 caused the price to decline. This caused the token to lose almost 46% in value to date. Resultantly, the Aptos price action since January 26 has formed a falling wedge pattern, with bulls eyeing an 87.64% breakout to $22.0. Is it the right time to buy APT?

Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain utilizing a smart contract programming language christened ‘Move.’ Move is a Rust-based programming language designed autonomously by Diem blockchain engineers from the Meta (formerly Facebook) ecosystem. The network’s vision is a blockchain that delivers mainstream adoption to web3. This is while empowering an ecosystem of decentralized applications (Dapps) to solve real-world user problems.

At the time of writing, APT was auctioning for $11.79 after losing 7.21% on the last day. Its market cap is also down around the same range to $1.916 billion. However, the token remains in CoinMarketCap’s top 40 at #31. Notably, trading activity on the Aptos network was also down 1.09% as investors waited to see how the price would go.

Aptos: New Kid On The Blockchain

Despite being a three-month-old project on the blockchain, Aptos is already making a name for itself. The incumbent layer-1 blockchain has been a trailblazer since the onset of 2023. Its APT token has skyrocketed by more than 425% since the start of January. It already boasts a market cap approaching $ 2 billion despite only launching in October.

In part, the APT price surge was influenced by the news of deploying PancakeSwap on the network. Notably, PancakeSwap is among the most popular decentralized exchange (DEX) that is native to Binance’s BNB Chain.

PancakeSwap’s pursuit of securing the top position on Aptos drove the move. This inspired the DEX to establish an Aptos token exchange alongside moves to make certain liquidity pairs tradeable on its website.

Citing an announcement on PancakeSwap’s medium post:

Aptos is the first blockchain which PancakeSwap will be fully integrated with. PancakeSwap will be deploying its CAKE token natively on Aptos along with its key products, making the CAKE token truly multichain for the first time.

Moreover, Aptos also integrated with Atomic Wallet recently, a move that further fleshed out its decentralized finance (DeFi) functionality.

Upon the news of the integration, the APT token saw a significant surge in value, gaining over 130%. The growth was attributed to the PancakeSwap community’s vote to stick with the network and its newly found integration into Atomic Wallet.

Since the new year, APT price was moving in an overall bullish trend before the price action started correcting lower around late January. Within the pullback, two converging trend lines appeared (dotted on the daily chart below).

Aptos To Breakout 87.64% because of This Falling Wedge Pattern

Because of its price action since January 26, APT price has formed a falling wedge pattern, otherwise termed a reversal pattern. This bullish technical formation creates a powerful pattern signaling a change in the trend direction.

The consolidation part for Aptos price will end once the price action breaks above the upper trend line or the wedge’s resistance at $13.14. This was the immediate resistance level for the price, which means a daily candlestick close above this roadblock would authenticate the bullish thesis.

Investors should watch this level as it is the ideal entry point into the APT market.

APT/USD Daily Chart

Aptos (APT)
TradingView Chart: APT/USD

Beyond the upper trendline of the technical formation, the price was also confronting the resistance offered by the 50-day Simple Moving Average at $13.72. Other hurdles were at $16.0 and $19.0, respectively. These supplier congestion zones turned APT price down in the past, which means breaching past them would clear the path for APT to reach its $22.0 target. Such a move would represent an 87.64% increase from current levels.

Notably, the price was sitting on strong support at the $11.69 level, which has kept Aptos price afloat since January 22. The 100-day SMA at $9.05 also provided support for the layer 1 token, offering bulls a base for regrouping before an escalated march northward.

Given that the 50-day SMA was headed upwards and the relative strength index (RSI) had just rejected the southward motion, bulls were increasing their buying power. The RSI price strength at 41 and the Stochastic RSI at 45 were positive signs toward 50, where buyer momentum is considered optimal.

Contrary Case For Aptos Price

Conversely, the moving average convergence divergence (MACD) indicator had just crossed the zero line into the negative zone. Furthermore, the histograms were also soaked in red. These showed that overhead pressure from sellers was increasing.

If the downtrend ensues, APT price will lose the support offered by the lower trend line or the wedge’s support at $11.15. This was the immediate support level for the price. A daily candlestick close below this buyer congestion point would invalidate the bullish thesis.

Once APT price falls out of the technical formation, the price would be exposed to a cliff that could send it down 35.03% to the $7.61 support level. This was just below the 100-day SMA support. The worst possible outcome would be a 71% descent to the $3.13 support floor before recovery expectations.

Investors should therefore watch this level as the stop-loss point for their trades.

APT Alternative

While APT investors watch the entry and exit points, consider the FGHT token, the native asset for the Fight Out ecosystem. The project has already raised over $5.07 million in presale token sales.

Fight Out is an amazing project, uniquely combining play-to-earn (P2E) and move-to-earn (M2E) concepts. It meets participants where fitness and entertainment intersect.

The project is committed to becoming the first platform where users can make money from any type of exercise, including gym workouts. If you want to buy FGHT tokens, here is a guide on how to do it. You can also follow this YouTube channel for updates on crypto presales and exciting details about the Fight Out crypto project.


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FightOut Presale - Earn Crypto for Working Out

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