Crypto analyst Ali spotted an interesting pattern on the Aptos/USD daily chart. aptos created a bull flag on the daily chart of states.
The bull flag chart pattern appears as a downward sloping channel/rectangle depicted by two parallel trendlines working against the prevailing trend. A “bullish flag” is a bullish chart pattern formed by two rallies separated by a short consolidation retracement phase.
#Aptos forms a bull flag on the daily chart!
The 50MA & 100MA could be used to determine if $APT is poised to break out or bound for a correction.
NEWS CONTINUES BELOW🟢A sustained daily close above the 50MA = bullish
🔴A sustained daily close below the 100MA = bearish pic.twitter.com/oRgp9AIiOt— Ali (@ali_charts) April 5, 2023
NEWS CONTINUES BELOW
With this, crypto- The asset price may be in the process of starting a larger upward move. However, the decisive factor lies in the 50 and 100 moving averages.
According to Ali, “50 MA and 100 MA can be used to determine if APT is ready to break out or if it is tied for a correction.” In this case, a sustained daily close above the moving average or MA 50 would mean bullish.
On the other hand, a sustained daily close below the moving average or MA 100 would mean bearish.
Aptos fell steadily, dropping to a low of $9.72 on March 10, shortly after hitting an all-time high of $20.39 on January 30, 2023.
A recovery was initiated before the bulls hit a barrier just above the daily MA 50 at $14.68. Aptos continues to trade below this key level as its price continues in a sloping channel. So a rising flag emerges.
As reported by Koinfinans.com, at the time of writing, the APT token of the Aptos blockchain is trading at $11.31, down 1.35% in the last 24 hours.
In late March, Aptos was introduced for the first time in Hollywood. The Aptos team announced that they will bring movies into the Web3 era with Free Renfield the Game, based on the horror comedy Renfield.