Amid the current stagnation in the price of Bitcoin (BTC), the cryptocurrency market is watching the trajectory of Aptos (APT) with cautious expectations.
Analyst Lockridge Okoth points to potential challenges the digital currency could face in the coming days as investors await a token unlock event and monitor technical indicators.
“Aptos price is trading with a bullish bias, but with the current lull in the price of Bitcoin (BTC), which continues to consolidate horizontally, upward momentum for altcoins remains limited,” notes Okoth.
Technical analysis indicates that Aptos price is close to the resistance level represented by the 78.6% Fibonacci retracement at $17.04. Although APT holders are eyeing the $20.40 mark, Okoth warns that this target may be delayed due to possible burnout of buyers.
Okoth further highlights that indicators such as the Relative Strength Index (RSI) remain stable horizontally, while trading volume decreases. These signals suggest the possibility of a temporary correction in Aptos’ price.
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“With this, Aptos price could make a move to test the most critical 61.8% Fibonacci retracement level at $14.40 before the next leg higher,” highlights the analyst.
While Aptos bulls maintain a strong presence as evidenced by rising Awesome Oscillator (AO) volumes, Okoth warns of a possible bearish scenario if the coin fails to maintain above the 61.8% Fibonacci retracement level .
“Breaking and closing below this level on a weekly basis would invalidate the bullish thesis,” warns Okoth. “This would mean a drop of almost 25% below current levels.”
Aptos, which has seen a more than 1,700% increase in its total value locked (TVL) since the beginning of the year, faces a pivotal moment as investors closely monitor its trajectory in the cryptocurrency markets.
