Aptos Price Prediction: APT price has completed a corrective structure and is expected to break out from the current corrective pattern.
APT price has been decreasing inside a descending parallel channel since reaching a high of $10.27 on Oct. 23. Descending parallel channels usually contain corrective movements. If that is the case, a breakout from the channel would be expected.
However, neither the resistance nor support lines have been validated sufficient times. Additionally, Aptos price is at risk of breaking down below the middle of the channel. If this occurs, it will dampen the chances of a potential breakout.
The main support area for APT price is at $8.65. This is both the 0.5 Fib retracement support level and a horizontal support area. So, a potential breakdown below it could be the catalyst for the acceleration of the downward movement.
Aptos Price Prediction: Wave Count Supports Breakout
The wave count also gives a bullish APT price prediction.
Measuring from the Oct. 21 low, Aptos price seems to have completed a five-wave upward movement (white). Afterward, the movement inside the channel is likely a W-X-Y corrective structure. Due to the length of the correction, it is likely that the decrease is complete.
If so, a breakout from the channel is expected, which would confirm the continuation of the upward Aptos price movement. The first potential target for the top of the increase is at $11.42, created by the 1.61 external Fib retracement (black) when measuring the entire drop.
If both upward movements have the same height, this will lead to an APT price high of $11.85. Therefore, the $11.40-$11.85 area is likely to act as the top for the future Aptos price.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.