Aptos (APT) Recovery Effort: Can Price Overcome Recent Multi-Week Lows?

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In Brief

  • Aptos price is exhibiting signs of recovery after noting a 36% decline in two weeks.
  • Over $1 million worth of long contracts have been liquidated in the last 24 hours, and such instances have historically been followed by recovery.
  • MACD and RSI are displaying signs of reversal, which will be confirmed once $12.67 is flipped into support.

Aptos (APT) price has had a rough couple of days, bringing the altcoin down to a multi-week low.

APT is now attempting a recovery, which could be redemption for the bullish investors.

Aptos Sees Green

Aptos’ price trading at $12.43 bounces off the support line at $12.04. This is an opportunity for bullish investors as they have suffered considerably over the last few days.

This is evident from the liquidation data, which shows that most contracts witnessing liquidation have been long. In the span of 24 hours, over $1.85 million worth of long contracts have been liquidated. This shows that traders that have been making bullish bets have been losing money owing to the decline.

Aptos (APT) Recovery Effort: Can Price Overcome Recent Multi-Week Lows?
Aptos Liquidations. Source: Coinglass

This will potentially stop as the altcoin begins climbing on the charts.

Read More: How to Buy Aptos (APT) and Everything You Need to Know

Signs of this probability are visible on the price indicators Moving Average Convergence Divergence and Relative Strength Index (RSI). RSI gauges the magnitude and pace of price changes, offering insights into potential market overextension or undervaluation.

MACD, on the other hand, analyzes the convergence and divergence of two moving averages to indicate shifts in market momentum and potential trend reversals.

Aptos (APT) Recovery Effort: Can Price Overcome Recent Multi-Week Lows?
Aptos RSI and MACD. Source: TradingView

Both indicators are inching close to observing bullishness, with the RSI recovering from the oversold zone and MACD sitting at the cusp of marking a bullish crossover.

This would prove to be a boon for Aptos’ price.

APT Price Prediction: Beginning of a Rally?

Aptos’ price is closing in on breaching the barrier marked at $12.67 after bouncing off $12.04. This support coincides with the 23.6% Fibonacci Retracement of $18.82 to $9.95.

Should APT breach the $12.67 resistance, it would be on its way to reclaim the 50% Fib line marked at $14.39. A test of this resistance would result in a 15.66% rally for Aptos’ price.

Aptos (APT) Recovery Effort: Can Price Overcome Recent Multi-Week Lows?
APT/USDT 4-hour chart. Source: TradingView

Read More: Aptos Crypto (APT): A Guide to What it Is and How it Works

However, APT would be susceptible to a drawdown that could send it crashing through $12.04 if the breach fails. This would invalidate the bullish thesis and push Aptos’ price to $11.00.

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This article is sourced from the internet: Aptos (APT) Recovery Effort: Can Price Overcome Recent Multi-Week Lows?

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