Will the Party Continue? – Cryptokoin.com

Aptos (APT) price experienced an incredible rally last week that caught many investors well off guard. According to crypto analyst Akash Girimath, this massive increase may be coming to an end for the altcoin based on technical and on-chain perspectives. Another crypto analyst is assessing whether investors are late for the Aptos party.

Altcoin price points to a local top formation

cryptocoin.comAs you follow, the price of Aptos increased by 177% in a week from $ 7.01 to $ 19.31. This explosive move is a combination of the initial rally to $14.57, up 106%, followed by a 19% drop to $11.75. Using the trend-based Fibonacci tool on these three points ($7.01 $11.75 and $14.57) is 50%, 61.8%, and $14.53, $16.43 and $19.31, respectively. It shows three critical extension levels, 100. The momentum was strong enough to push Aptos price to split the first two extensions and tag the third.

There are two bearish signals as APT retests $19.31. These are the bear trend and the unfavorable 30-day (Market Value to Realized Value) MVRV. The altcoin price formed higher local peaks on January 21 and 25, but the Relative Strength Index (RSI) produced lower highs. This inconsistency is a clear indication of diminishing momentum and hints that APT price action could be watched soon. In such a case, key levels for a pullback include the $16.43 and $15.53 support levels.

APT 1-hour chart

30-day MVRV peaking at 19.50%, further confirming the local peak formation for Aptos price. This value is the average profit of all addresses that purchased APT in the last month. Interestingly, from a historical perspective, there was a significant sell-off in APT after MVRV entered the region of 17% to 32%. This can be seen in the chart below.

APT 30-day MVRV

Although the outlook for altcoins seems to be bullish, investors need to be extremely careful, especially if the Bitcoin price drops. A minor pullback in Aptos price can be expected. However, if the bulls gain momentum and push the price above the $19.31 resistance level, it could eliminate the bearish bias. In this case, the altcoin price could see the next trend-based Fibonacci extension level at 127.2% or $21.37.

Are you late to the Aptos party?

Bitcoin has emerged from a short-term bull flag pattern. At the time of writing, it retested the $22.9k – $23,000 region. It is also likely to rise further in the hours to follow. Aptos hasn’t needed much encouragement in recent weeks. Despite the overbought conditions, the price is up more than 50% in under two days. This highlighted the strong bullish sentiment. Fading this rally can be particularly risky. But was it wise to try to take the asset now?


Bitcoin’s impending upward move was a factor that could drive APT to make more gains. A few days ago, Aptos consolidated in the $12-14 region and then rose to $19. Similarly, traders can wait for another range to be created. The near-term consolidation seen at $16 and $17.7 highlighted in cyan is a place to look out. A sharp bullish response from either of these levels could herald the bottom of a range.

It’s good to be careful!

It is also possible for APT to return below $16. If this happens, the $14.12 level could see the bulls re-enter the market strongly. On the other hand, a long move above $19.39 would be the more dangerous scenario. This could be fueled by short liquidations rather than demand, and trying to trade this move can be risky. The 4-hours RSI was above the 70 mark to indicate strong bullish momentum. Also, no bearish trend has formed yet in this time frame. OBV has also made higher lows over the past 24 hours to show steady buying pressure. Spot CVD declines and Open Rate and funding rate means volatility may arise

Source: Coinalyze

Open Interest has increased tremendously over the past three weeks. Spot CVD was also in a strong uptrend until January 21st. After that, spot CVD slowed to a series of low peaks. Despite this, OI continued to rise massively. Coinglass data showed that the funding rate was extremely negative. This is a sign that many traders are trying to short APT. This could see a ‘short squueze’ to force early shorts to vomit their positions before a downward reversal. Such a short squeze would be the riskiest scenario to try to trade.

Contact us to be instantly informed about the last minute developments. twitterin, Facebookin and InstagramFollow and Telegram and YouTube join our channel!

Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.

Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.

Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.

Show Disclaimer

source site-3