aptoswitnessed a strong sale in the first week of November as well. The continuation of the conditions will trigger the price decrease. On the other hand, investors who want to invest in APT should also consider critical levels.
The bears recorded a 15% drop in market value. This was a clear indication of the downward trend experienced over the weekend. APT price today it is consolidating on the lower edge of a liquidity zone that encourages a ‘long position’. On-chain data warns investors who want to profit with APT.
Aptos price is currently trading at $7.03. The downward movement started on Sunday. This was because the 8-day exponential moving average failed to hold support near $7.50. The Relative Strength Index (RSI) also measured current sales as oversold. This is a critical detail that reveals the intentions of the bears.
Coinglass’s “Long and Short Ratio Indicator provided important data for Aptos. According to the data, eight out of ten retail traders are currently opening long positions during the current downtrend. Based on the data, a capitulation event is needed to shake up retail traders before the anticipated bull run occurs. The bears’ targets are located at $6.61 and $5.90.
Invalidation of the bearish thesis is possible with a break above the $7.50 rise. If the bulls break above this level, there will be an additional bullish move towards the $8.15 liquidity zone, resulting in a 15% increase from the current Aptos price.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.