- Aptos recently saw $9.96 million in short liquidations, potentially fueling upward momentum.
- APT’s open interest rose 9.30% to $165.65 million, reflecting heightened activity in derivatives markets.
Aptos (APT) price has shown some recent potential to buy, based on the TD Sequential indicator of its weekly chart. This can mean that the cryptocurrency is potentially setting up for a significant comeback. But whether it will happen or not remains questionable.
Critical Resistance Levels Can Determine Aptos Price’s Future Action
Aptos price has seen significant fluctuations over the past few months. Having peaked at $9.80, it has not been able to maintain upward pressure and is now trading around $6.19. If the token is able to overcome its immediate resistance, it may rally towards $7.82, with a potential retest of its former high of $9.80.
On the negative side, a failure to breach these resistance levels may see a pullback with key support at $5.68. The coming trading sessions will be instrumental in establishing if Aptos can break out of its consolidation pattern and start a more bullish trend.
The Relative Strength Index (RSI) of Aptos is currently at 38.35, which means it is heading towards oversold levels. This indicator implies that if the buying pressure rises, APT might witness a robust bounce back.
Market Trends & Sentiment May Shape Next Price Action
Aptos token has seen liquidations surge by about $9.96 million recently. Interestingly, most of them were short positions surprised by the price increase. As more and more short positions get liquidated, further buying momentum may result, which may push APT upward in the short term. Furthermore, as mentioned in the previous story, the Aptos Network is now expanding fast, with over 16 million active users.
Nonetheless, one worrying aspect is the decrease in social activity around the token. Social Volume recently reached a mere 16 mentions, while Social Dominance has fallen to 0.072%. This indicates waning interest from traders and investors, which may impede APT’s progress in keeping its rally going. Renewed enthusiasm would be crucial in preserving its recent price momentum.
While Aptos has flashed a buy signal, its ability to maintain momentum depends on breaking key resistance levels and reigniting market interest. If it can overcome these hurdles, the APT price could extend its gains. However, without increased buying pressure and improved sentiment, the rally may struggle to hold. The coming days will be critical in determining whether APT can establish a sustained uptrend.
As of writing, the Aptos price was up by 0.42% to $6.12 on Friday, February 14. Whilst, the market capitalization hit $3.59 billion. However, the trading volume for APT plunged 26.47% to $183.53 million in the last 24 hours.
Meanwhile, total liquidations reached $171,153, according to Coinglass stats. Long liquidations amounted to $126,590, signaling significant sell pressure. Nonetheless, APT price stands strong as open interest of 9.30% to $165.65 million, indicating surging interest among derivatives traders.
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