- APT has been in a descending parallel channel ever since October 23.
- The main area of support for APT lies at $8.65.
- APT’s wave count is giving the crypto a bullish prediction.
The price of Aptos (APT) has been in a descending parallel channel ever since October 23. These descending parallel channels usually contain corrective movements. If this is the case for APT, a breakout from the channel could be a possibility.
On the other hand, neither the resistance nor the support lines have been validated. In addition to this, the price of APT could also be at risk of breaking down below the middle of the channel. If this happens, it could stop the possibility of a breakout in its tracks.
APT / Tether USDT 1-H (Source: CoinMarketCap)
At the moment, the main area of support for APT lies at $8.65. This is both the 0.5 Fib retracement support as well as a horizontal support area. Any breakdown below this level could accelerate a downward movement.
APT / USDT 1-H Trading (Source: TradingView)
APT’s wave count is giving the crypto a bullish prediction. Since October 21, it seems like APT has completed a five-wave movement. Afterward, the movement inside the channel is likely a W-X-Y corrective structure. The length of this structure indicated that the decrease could be complete.
If this is the case, it could signal a breakout from the channel that will likely lead to an upwards price movement for APT. The first potential target for the top of this increase will likely be $11.42.
APT is currently trading at $9.25 after a 0.83% increase in price over the last day, according to CoinMarketCap. In addition to this, the crypto is also up about 23.87% over the last week and 10.33% over the last thirty days.
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