APT has been one of the market’s better performers lately.
- Aptos initiated a bull rally in the last 24 hours, but its trading volume fell Trend might not last longer as liquidations would rise if rally continues
Aptos [APT] registered significant gains over the last 24 hours, with its gains coming at a time when the rest of the market was fairly steady. Why was this the case? Why did APT hike on the charts as it did and, is its rally likely to continue in the short term?
A look at Aptos’ bull rally
APT’s price action gained bullish momentum in the last 24 hours as its value hiked by nearly 6.5%. The altcoin’s latest hike came against the investors’ expectations though, especially since the week prior saw the crypto lose 3% of its value. To be precise, the token’s price dropped to $6.4 on 26 July – Last week’s lowest level.
According to CoinMarketCap, at the time of writing, Aptos was trading at $7.20 with a market capitalization of over $3.3 billion, making it the 28th largest crypto in the world.
However, when AMBCrypto checked Santiment’s data, we found a surprising development. According to our analysis, despite the latest price hike, the token’s weighted sentiment dropped sharply. Whenever the metric drops, it indicates that bearish sentiment around an asset has increased.
Its social volume also followed a similarly declining trend, reflecting a dip in its popularity.
Additionally, APT’s trading volume fell too – A bearish development.
Source: Santiment
Will APT’s rally last longer?
AMBCrypto then took a look at other datasets to find out whether this recent price uptick could be short-lived.
As per our analysis of Coinglass’ data, APT’s Open Interest declined on the charts. This indicated that there were chances of a trend reversal. Nonetheless, its long/short ratio increased, meaning that there were more long positions in the market than short positions – A sign that bullish sentiments were dominant around the token.
Source: Coinglass
We then checked Aptos’ liquidation heatmap to find out more regarding its possible resistance and support zones. In case of a sustained price uptick, investors might see the token hitting $7.7 soon.
A breakout above that level should allow Aptos to even touch $8.7. This seemed to be the case, as liquidations would rise at these two levels, which generally results in short-term price corrections.
Read Aptos’ [APT] Price Prediction 2024-25
However, if the bears once again gain control of the market, then APT might drop to $6.3. A dip under that level could push the token down to the $5 range in the coming weeks.
Source: Hyblock Capital
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