Aptos (APT) price is facing a drawdown at a time when most of the market is recovering from the recent decline.
The resulting drop in price could potentially place APT at a multi-month low, extending investors’ losses.
Aptos Investors Back Off
Aptos is noticing its investors pulling their support away, as evident in the Open Interest. Open interest is the total number of outstanding derivative contracts that have not been settled, such as options or futures. It is a key indicator of market activity and liquidity, reflecting the flow of money into the market.
In the case of APT, the Open Interest has dropped by more than $30 million in the span of a week. Falling from $133 million, the OI now stands at just $103 million. The money that has been removed has also resulted in the OI reaching a four-month low.
In addition, the Moving Average Convergence Divergence (MACD) provides insights into the broader market’s sentiment. The MACD is a technical analysis indicator that shows the relationship between two moving averages of a security’s price. It helps identify potential buy and sell signals based on the convergence or divergence of these averages.
This indicator is observing a bearish crossover strengthening on the chart after it first appeared a week ago. The crossover noticed is the first in nearly two months, exhibiting a potential return of bearishness in the market.
Read More: Where To Buy Aptos (APT): 5 Best Platforms for 2024
Thus, Aptos price could be seeing a decline.
APT Price Prediction: Landing Zone
Aptos price trading at $7.95 at the time of writing is just under the 23.6% Fibonacci Retracement at $8.02. This technical level is also known as a bear market support floor. A decline below it is a sign of weakness and an indication of potential decline.
If this support is lost, APT would be vulnerable to a decline to $7 or $6. If this support floor is also lost, Aptos’s price will likely fall to $4.84. This would be the lowest point for APT in a little over seven months.
Read More: Aptos (APT) Price Prediction 2024/2025/2030
However, if Aptos’s price bounces back from the support of $8.02, it could chart its way back up to $10. Doing so would also result in APT securing 38.2% as a support level, invalidating the bearish thesis.
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