Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are struggling due to a lengthy weak market structure. Market watchers attribute this dilapidated condition to the lack of volatility, a global economy held back by inflation, and a persistent regulatory pushback by agencies in the US. On the other hand, Aptos (APT) price appears to be on the fastest lane to recovery, up 7% over the last 24 hours to $5.5.<\/p>\n
With trading volumes exceeding $200,000, there is a high probability Aptos is set for a 25% surge<\/a> to bring down resistance at $7.5.<\/p>\n
Since January’s rally to $20, Aptos has been confined in a descending channel, allowing sellers to control the narrative. On multiple accounts, bullish attempts to escape these bearish shackles have gone down the drain except for the buyer congestion at $5.<\/p>\n
With bulls setting camp at $5 and more buyers seeking exposure to new long positions in APT, a significant breakout is anticipated.<\/p>\n
Based on the daily chart, Aptos price sits on top of a key support area, reinforced by the 21-day Exponential Moving Average (EMA) (red) at $5.36. Meanwhile, a bullish candle is on the verge of resisting resistance at the channel’s upper bound.<\/p>\n
Such a move would accompany a spike in trading volumes to support the run-up to $7.<\/p>\n
A buy signal from the Moving Average Convergence Divergence (MACD) adds credence to the bullish outlook. Traders will likely keep their buy orders open if the blue MACD line holds above the red signal line. The momentum indicator must move upward to the mean line (0.00) and into the positive region to keep the uptrend validated.<\/p>\n
As the cryptocurrency market struggles through the winter, investors may want to expand their scope to emerging technologies such as the Bitcoin BSC project (BTCBSC). Although still new in the market, the project boasts over $3.2 million in seed round funding.<\/p>\n
It has quickly come to be referred to as the Bitcoin clone, as it is designed to represent a BEP-20 version of Bitcoin executing on Binance’s BNB Smart Chain. According to the project’s whitepaper, the protocol is “simulated to start at an early point in Bitcoin’s history in 2011.”<\/p>\n