The Aptos (APT) price seems to have completed its correction and may have begun a new upward movement.
The Aptos price had fallen under a descending resistance line since reaching an all-time high of $20.40 on Jan. 26. The decrease led to a low of $9.70 on March 10.
Afterward, the digital asset bounced, validating the 0.618 Fib retracement support level at $9.65. This was followed by a breakout on March 13, in which the RSI also increased above 50 (green icon) during the next 24 hours.
Despite the breakout, the APT token price has struggled to move above the $13.60 resistance area. If it successfully moves above it, the price could increase to the next resistance at $16.30.
However, the Aptos price could drop to the 0.618 Fib retracement support level if another rejection occurs at $9.65.
Wave Count Supports Continuation of Increase
Since the beginning of the year, APT has completed a five-wave upward movement and an A-B-C correction. The bounce at the 0.618 Fib, the nearly 1:1 ratio of waves A and C, and the resistance line breakout all support this possibility.
If correct, the APT price has now begun a new five-wave upward movement which will take it to a new all-time high and toward $22. A close above $16.30 would confirm this.
However, a decrease below the C wave low (red line) of $9.70 would invalidate this possibility. In that case, the APT price could fall to the $7.80 support area.
To conclude, the most likely APT price forecast is the continuation of the increase toward at least a new all-time high and possibly $22. A drop below $9.70 would invalidate this. In that case, the price could fall to $7.80.
Bitrue