Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
APT has been stuck in range formation since mid-June.
More long positions discouraged ahead of Fed decision.
If you are a Fed watcher and macro trader, you are probably aware of the Federal Open Market Committee (FOMC) meeting scheduled for July 25/26. Historically, interest rate decisions by the Fed have been characterized by greater volatility and can have an impact Aptos’ [APT] price promotion.
Read Aptos [APT] Price prediction 2023-24
Most Fed watchers expected a likely rate hike of +0.25%. Given the current and precarious Bitcoins [BTC] position, <$30k, more losses could be on the cards, especially if the aggressive stance is confirmed and investors are nervous.
Which way for APT price?
The recovery that started in mid-June was cut short after APT entered a range formation between $6.99 and $7.97. Before the extended decline in early June, APT was once again in a sideways move within the $7.97 – $8.77 range.
At the time of writing, the price chart indicators were illustrating the leverage of the bulls in the current range formation. It was striking that the Relative Strength Index was above the neutral level and the On Balance Volume was slightly higher.
However, BTC’s tight consolidation below $30,000 could lead APT to expand its range formation. APT could continue its consolidation between $6.99 and $7.97, with traders looking for profit in the extreme ranges.
But traders should be careful about chasing liquidity in both directions above the extremes. By the way, a D1 bearish order block (OB) at $8.8 – $9.4 (red) is above the previous range high of $8.77 and could provide strong resistance.
Is your wallet green? look at the APT Profit Calculator
Long positions are not recommended
Based on liquidation data, >$50,000 worth of long positions had been destroyed in the 4-hour time frame at the time of writing. During the same period, shorts suffered only $24,000 in liquidations. The above trend is indicative of a bearish grip over the weekend.
But sentiment could change after the FOMC meeting. So it is worth following the Fed decision and BTC price action.
This post Aptos: what you need to know if APT moves sideways
was published first on https://ambcrypto.com/aptos-what-you-need-to-know-as-apt-moves-sideways/