2024-10-30 20:30 |
Crypto analyst Mihir shared with his X (formerly Twitter) followers that the Aptos (APT) token may soon face a major price shift as it approaches critical levels.
The analyst highlighted the presence of a double top and double bottom pattern on the APT chart, pointing to possible future price action.
As the Aptos price gears up to test a resistance level marked by previous price peaks, the analyst’s insights could offer valuable guidance for traders assessing APT’s next moves.
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Show more +Show less – Aptos Chart Analysis: Double Top Formation Suggests Resistance ZoneThe chart shows APT’s price forming a double top, a pattern often associated with resistance at higher levels. The orange resistance line, situated around the $22-$23 range, indicates a price level where APT has previously struggled to break through. This resistance area was tested twice, first in late 2023 and again in mid-2024, but selling pressure ultimately prevented a breakout on both occasions.
The analyst noted that this resistance line will likely be a key level for APT to revisit soon. Should APT break above this line, the token may experience a bullish surge. However, failure to surpass this point may lead to a potential reversal, pushing the price downward again.
In contrast to the resistance zone, a double bottom pattern has also formed, providing support around the $6-$7 range. This pattern suggests a reliable support level where APT found stability after two declines in early and mid-2024. This double bottom reinforces the view that Aptos has a solid price floor, which could prevent significant drops if the resistance line is not breached.
Image Source: X/MihirFurthermore, the double bottom supports the bullish story by showing that buyers have expressed interest in acquiring APT at lower levels, which helps offset any downward momentum. The top level of this support zone might serve as a buffer for the price of APT if it encounters resistance.
Aptos Price Momentum and Current UptrendFollowing its recent double-bottom formation, APT’s price has entered an upward trend, positioning it to retest the orange resistance line. Mihir underscores this momentum, suggesting that APT is likely to approach the resistance level again. This move aligns with technical patterns that often see an asset rise toward its previous peaks after forming a stable support base.
However, APT’s ability to break through the resistance will largely determine its medium-term price trajectory. A successful breakout could invalidate the double top pattern, paving the way for continued upward movement. Alternatively, a rejection could signal a return to the support zone, testing the double bottom once again.
Read Also: Why Is the Ethena (ENA) Price Pumping?
Bullish and Bearish Scenarios AheadTwo potential scenarios emerge from the current chart patterns. In a bullish scenario, Aptos price breaks through the $22-$23 resistance line, sparking an upward rally as investors interpret this as a positive signal.
In a bearish scenario, APT fails to surpass the resistance and faces a price pullback, potentially retracing to the double bottom support at $6-$7. The volume trends observed near these levels may also influence the strength of these movements.
As the Aptos (APT) price edges closer to a decision point, traders and investors will be watching how the token responds to the resistance line. The analysis provided by Mihir adds a technical perspective to APT’s price action, suggesting that its upcoming movements could be pivotal.
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The post Elite Analyst Reveals Why Aptos (APT) Price Could Be on the Verge of a Breakout appeared first on CaptainAltcoin.
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