See More

Aptos (APT) Price at Risk of Nosedive – Crypto Traders Beware

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • APT is trading inside a descending parallel channel.
  • There is strong support at $7.15.
  • APT is mired in a complex corrective structure.
  • promo

The Aptos (APT) price has corrected since Oct. 23. It seems to be in the final leg of the correction, which could cause a breakdown from the current support area.

A technical analysis of the APT price action shows a decrease inside a descending parallel channel since reaching a high of $10.33 on Oct. 23.

The downward movement has led to a low of $7.12 on Nov. 2. The low and ensuing bounce (green icon) served to validate the $7.15 horizontal area as support.

Descending parallel channels usually contain corrective structures, meaning an eventual breakout from it would be likely. If one occurs, the next closest resistance would be at $8.34.

However, despite the bounce, the APT price has yet to move above the middle of the channel. Doing so would be a sign an eventual breakout is expected. 

Furthermore, the daily RSI is still bearish. It has not generated any bearish divergence, and it is still below 50.

Therefore, despite trading in a long-term corrective pattern, there are no signs that suggest a bullish Aptos price prediction and an impending reversal is likely. A daily close below the $7.15 horizontal area could accelerate the decrease and lead to new lows.

Aptos (APT) Price movement
APT/USDT Chart By TradingView

APT Price Prediction: Wave Count Supports $6.50 Low

The decrease since the Oct. 23 high resembles a complex corrective pattern (black). The considerable overlap and fact that the movement is contained inside the channel support this possibility. 

If correct, this would mean that the Aptos price is in the Z-Wave of a W-X-Y-X-Z correction. Since wave Y was the longest, it would make sense that waves W and Z would have a 1:1 ratio. This minimum price would be expected to reach $6.50. 

Additionally, this area coincides with the support line of the channel mentioned above. Due to this confluence, it is fitting that a low would be reached at this level.

Conversely, a breakout above the channel’s resistance line would invalidate this bearish APT short-term price prediction.

Aptos (APT) price correction
APT/USDT Chart By TradingView

For the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

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. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored