- Aptos price has displayed a bearish start to February, recording lower lows.
- APT could extend the fall 10% to the 50% retracement level at $7.90 as technical indicators lean bearish.
- The bearish thesis will be invalidated if the altcoin records a candlestick close above the 78.6% Fibonacci level $9.77.
Aptos (APT) price is trading with a bearish lean in February despite a notable surge during the last stretch of January. It comes amid an ongoing choppy altcoin market, with cryptocurrencies suffering in the wake of an indecisive Bitcoin (BTC) market as traders await the next volatility expansion.
Also Read: Aptos price fall to likely extend beyond this week’s 20% crash ahead of $220 million token unlock
January milestones fail to catalyze rally for Aptos price in January
Aptos (APT) price is down 10% since the month started, falling from the February 3 high of $9.74. It comes after a rejection from the 78.6% Fibonacci and the upper band of the Bollinger indicator, with the network’s milestones in January failing to do it for the Layer 1 (L1) project in February. Among them was the establishment of perpetual decentralized exchange Merkle Trade atop the Aptos blockchain.
January milestones from Aptos ecosystem projects fueling February momentum https://t.co/ElT60wXkHC
— Aptos (@Aptos_Network) February 6, 2024
Meanwhile, the network is underway with the Aptos Random Hack program, an event marking the Foundation's first-ever online Hackathon to promote creativity and challenge participants’ skills. Besides providing attendees with a unique opportunity to network, learn and grow their project with the support of the Aptos ecosystem, the hackathon also has a $75,000 prize pool.
Reasons to apply to the #AptosRandomHack:
— Aptos (@Aptos_Network) February 6, 2024
It's Aptos Foundation's first-ever online hackathon—participate from the comfort of your home.
Singular Focus on Aptos Roll, the Aptos on-chain randomness API, to fuel your creativity and challenge your skills.
Compete for a… pic.twitter.com/1XV6kLIaGc
Aptos price prognosis has the odds favoring downside
Aptos price continues south, testing the support offered by the 61.8% Fibonacci level of $8.66. This buyer congestion level looks poised to break, instigated by a falling Relative Strength Index (RSI) and, therefore, momentum. The position of both the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) agree as they sail through negative territory.
Aptos price has also lost support from the centerline of the Bollinger indicator at $8.79, with the upper and lower bands coming together to show decreasing volatility. If the bands contract significantly with Aptos price below the midpoint, markets lean bearish on the next volatility expansion.
Increased selling pressure could see Aptos price descend to the lower band of the Bollinger indicator at $8.13. In a dire case, it could test the 50% Fibonacci level, below which the L1 token could extend its fall to the 38.2% retracement level at $7.15.
APT/USDT 1-day chart
Conversely, a re-entry by the bulls might see Aptos price push north past the centerline of the Bollinger, confirming a flip of the most important Fibonacci level, 61.8%, into support. Higher, APT could tag 70.5% or even extend to reclaim the 78.6% level at $9.74.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.