In this ongoing market recovery, Aptos (APT) is positioned for a substantial 45% upside rally in the coming days. This potential surge can be attributed to its recent breakout and the support from three major crypto exchanges.
On September 18, 2024, MEXC Ventures, Foresight Ventures, and Mirana Ventures jointly launched a fund to back the Aptos ecosystem, enhancing its interoperability and overall growth prospects.
Fund Support Fuels Aptos’ Price Surge
The objective of this substantial partnership is to foster the development of more powerful and promising projects on the Aptos platform. By advancing critical Web3 technologies, utilizing Aptos’ infrastructure, and innovations like Block-STM, the collaboration ensures seamless interoperability with key EVM ecosystems.
This joint venture has garnered significant attention from crypto enthusiasts, resulting in a notable price surge over the past 48 hours. The recent breakout of a crucial resistance level at $6.51 has further fueled this upward momentum.
Aptos Price Momentum
At press time, APT is trading near the $6.62 level, experiencing a price surge of over 16.2% in the last 24 hours. During the same period, its trading volume saw an 85% increase, indicating higher participation from traders and investors driven by the latest developments.
Aptos Technical Analysis and Upcoming Levels
According to expert technical analysis, APT appears bullish following the breakout of the neckline of a bullish double-bottom price action pattern, despite being in a downtrend. Currently, APT is trading below the 200 Exponential Moving Average (EMA) on a daily time frame.
Traders and investors typically use the 200 EMA to determine whether an asset is in an uptrend or downtrend. Based on historical price momentum, following this bullish breakout, there is a strong possibility that APT could soar by 45% to reach the $9.5 level in the coming days. However, it may face resistance near the $7.5 level due to a previous price reversal from this point.
Bullish On-chain Metrics
This bullish thesis is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, APT’s Long/Short ratio currently stands at 1.04, indicating bullish market sentiment among traders. Additionally, its future open interest has increased by 13% in the last 24 hours and has been steadily rising, which shows that traders are building more long positions compared to short positions.
In conclusion, the combination of strategic partnerships, technical analysis, and positive on-chain metrics suggests that Aptos (APT) is well-positioned for a significant price rally. Investors and traders will be closely watching its performance in the coming days as it navigates potential resistance levels and aims for new highs.
