- APT tested a crucial $5.91 support, with bullish indicators suggesting a potential rebound.
- A rise in Social Volume and Open Interest signaled growing investor confidence in APT.
Aptos [APT] is currently priced at $6.18, reflecting a 9.48% increase at press time, as it tests a critical support zone.
The current price action has caught the attention of investors, as APT shows promising signs of a potential rebound from its established support level.
Historically, this zone has acted as a strong floor, offering opportunities for Dollar-Cost Averaging (DCA) investors.
Is the $5.91 support level a safe bet for APT buyers?
Aptos recently retested its descending trendline and accumulation zone, signaling possible bullish momentum.
The support zone around $5.91 is crucial in determining if APT can hold and push higher. If this level holds, APT could target $7.89 before testing the $10.00 resistance.
If APT fails to hold the $5.91 level, the downside risks become more significant. Therefore, keeping a close eye on this critical support zone will be key for any upcoming price action.
Source: TradingView
Are the technical indicators hinting at a bullish reversal?
Looking at the technical indicators, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) highlighted that APT could be ready for a reversal.
At the time of writing, the RSI was at 48.04, which indicates neutral conditions, though it was edging towards oversold territory.
Additionally, the MACD was signaling a shift toward bullish momentum, with the blue line at 0.10 and the orange signal line at -0.33 as of this writing.
These indicators suggest that APT is beginning to gain upward momentum, which might lead to a price surge if the support holds.
Source: TradingView
Is social activity pushing Aptos toward a breakout?
Social Volume and Dominance for APT have also been rising, with social dominance at 0.53% and social volume increasing steadily.
This growth indicates more investor interest and heightened attention on social media platforms, often leading to price surges.
As more traders get involved, this can propel APT toward higher price levels, especially if the overall market sentiment turns positive.
Source: Santiment
Can growing Open Interest signal more bullish moves?
The APT Open Interest (OI)has risen by 15.67% to $162.83M, signaling increased confidence in the asset.
Furthermore, the total liquidations of $221.3K—$117.38K from longs and $103.73K from shorts. This indicated that traders were betting on further price increases.
This growing OI, coupled with an imbalance in liquidation data, suggests that APT could continue to see upward pressure.
Source: Coinglass
Will APT hold on to its support and push higher?
Aptos shows strong signs of holding its support at $5.91, backed by technical indicators, rising social volume, and increased open interest.
With these bullish signals, it seems likely that APT will hold its support and may soon lead the market towards its next bullish trend.
However, whether it can break past the $7.89 resistance and reach $10.00 remains to be seen.
