Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author
– A glance at the APT 12-hour chart showed it to be bullish at the time of writing.
– While APT’s trading volume improved significantly, overall sentiment fell.
Since the end of February Aptos [APT] fluctuated between $10 and $14. Throughout the first half of April, price action was below the mid-level of the $12 range. But on April 13, the bulls closed above the mid-level, forcing the bulls to focus on the upper boundary of the range. range.
However, Bitcoins [BTC] recent sideways structure has caused APT to narrowly consolidate near $12 after retesting $13. Nevertheless, price action has retested a key value area that could tip bulls to continue if BTC moves above $30.4k rises.
Read Aptos [APT] Price prediction 2023-24
APT’s $12.2 pullback retest key value range
Source: APT/USDT on TradingView
On the 12-hour chart, the RSI retreated, but remained bullish. In addition, the stochastic RSI also pulled back from the overbought zone, capturing the ongoing pullback retest at the key value area of the Volume Profile Visible Range (VPVR) at $12.2 (redline). But the Average Directional Index (ADX) skyrocketed, suggesting that the uptrend momentum was still strong.
As such, the value of APT could rise further and target the upper end of the $14 range if bulls defend the $11.94 – $12.25 range support. Ergo, buying at current levels could offer a good risk ratio, especially if the APT/USDT pair hits a new monthly high and BTC surges above $30.4k. A bullish breakout could push APT towards the USD 18 level.
A close below the mid level of the $12.0 range will invalidate the above bullish statement. Such a move could send APT down to $10.93 or the channel’s lower limit of $10.0. These levels can act as short selling targets in such a downswing scenario.
Trading volume improved; sentiment dropped
Source: Sentiment
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APT trading volume spiked around April 14, reaching a high of over $13.5. But then volumes declined, which attracted sellers to the market. However, the stat improved as it went to press, which may give the bulls some hope.
Unfortunately, weighted sentiment turned negative, which could undermine a strong recovery and push towards $14. In addition, weekly price volatility remained low, pointing to price stabilizing in the narrow consolidation near $12.
This post APT Retests $13 Psychological Level – Here buyers can look to re-enter
was published first on https://ambcrypto.com/apt-retests-13-psychological-level-heres-where-can-buyers-can-look-to-re-enter/
