Aptos price must retest $14.40 for a safe entry for APT bulls
|- Aptos price confronts resistance at $17.04, marked by the 78.6 Fibonacci retracement level.
- APT could retest $14.40 before the hybrid L1 token becomes attractive for buying.
- A break and close below $12.55 would encourage more sell orders, negating the bullish thesis.
Aptos (APT) price is trading with a bullish bias, but with the current lull in the Bitcoin (BTC) price, which continues to consolidate horizontally, the upward thrust for altcoins remains limited. The network is also gearing up for a token unlocks event in 10 days.
Also Read: Aptos holders brace for volatility with $334 million worth of APT due to flood markets
Aptos price eyes $20.40 but there is a caveat
Aptos price is primed for more gains as it confronts resistance due to the 78.6% Fibonacci retracement level of $17.04. While APT holders’ eyes remain peeled on the $20.40 range high, this target could be delayed amid possible buyer exhaustion.
This is seen with the horizontal movement of the Relative Strength Index (RSI) and accentuated by the reducing sizes of the volume indicator.
With this, Aptos price could take a swing to test the most critical Fibonacci retracement level of 61.8% at $14.40 before the next leg up. A retest of this buyer congestion level could encourage more belief among the bulls to open more buy orders in what would present as a safer buy.
APT bulls continue to maintain a strong presence in the APT market, indicated by the growing volumes of the Awesome Oscillator (AO), increasing the odds for further upside. Aptos price making it to the $20.40 target would constitute a climb of around 20% above current levels.
APT/USDT 1-week chart
However, if the 61.8% Fibonacci retracement gives in and the Aptos price slips below it, the downtrend could extend to the 50% level at $12.55. A break and close below this level on the weekly timeframe would invalidate the bullish thesis. This would mean a fall of nearly 25% below current levels.
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