Aptos (APT) saw its price spike over 10% this week after breaking through a key resistance level that analysts have been watching closely. According to expert cryptocurrency traders The Crypto Network and ChiefraT, Aptos has shown impressive strength recently, overcoming bearish Bitcoin pressure and continuing to build momentum.
The Crypto Network’s crypto analyst @raffayalvi noted that despite pullbacks, Aptos has remained in an uptrend: “Every pull back and despite BTC’s performance it is on an even larger uptrend upon performance in the market.” He believes that based on the chart alone, “there’s still a lot of room to go up.” Aptos aims to compete with other large blockchains, and while it saw volatility early on, @raffayalvi says that “they are proving every month, they are still building.”
Momentum Building After Resistance Break
Technical analyst ChiefraT alerted his group this week about a key breakout for Aptos over resistance. “I saw $APT close above the Monday High, flipping the downtrend resistance and order block. Entered on the retest for an 8% move in under 2 hours!” From the chart he shared, APT broke decisively over resistance at $10.09. After retesting this level as support, the price has continued surging upward.
In the past two days of trading, Aptos has rallied over 11% from around $10 to over $10.60 at the time of writing. There is now one key remaining resistance level that analysts are watching on the daily chart – $10.77.
RSI Shows Room to Run
The daily relative strength index (RSI) for Aptos is presently around 62. This indicates positive momentum that still has some room to push higher before being overbought. The path of least resistance appears to be upward at this point.
If Aptos can decisively break above $10.77 and hold it as support, analysts say there is open air until the next resistance around $12.70. This would represent an additional 20% price increase from current levels.
With its recent technical breakout and early 2024 momentum, Aptos seems primed for this next surge higher. As ChiefraT stated, Aptos continues to show impressive strength and there appears to be more upside ahead.
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