Aptos (APT) Price Fails to Cross $7 Mark: Are Bulls Trapped?

Aptos crypto was rejected by the 100-day EMA barrier on August 28 and triggered a fall. Notably, the token has retraced by over 20% and reached the $6 mark.

Cryptocurrency Aptos (APT) price witnessed a breakout from the middle of August at the declining trendline mark of $6.30. During the week, the token made an attempt to cross the 100-day EMA barrier, which was near the $7 mark, but it was unsuccessful.

Later, the token faced strong bearish pressure. It fell below key EMAs and revisited the trendline zone, close to the $6 mark.

Aptos Price Fails to Cross $7 Mark: Are Bulls Trapped?

On August 28, Aptos crypto faced rejection from the 100-day EMA barrier and triggered a fall. Notably, the token has retraced by over 20% and reached the $6 mark.

The momentum indicator, the Relative Strength Index (RSI), provides a bearish outlook. Its reading is noted below 50, suggesting that bears have an advantage. A negative crossover was witnessed, implying a significant selloff on the chart.

Aptos price, at press time, traded at $6.16, down over 2.30% with a trading volume drop of over 8.20% in the last 24 hours. It boasts a market cap of $2.98 Billion and has a circulating supply of 486.23 Million.

APT Price Volume Chart | Source: Santiment

Since the $6 level is a support zone and a trendline zone, where the token has been consolidating for the last three sessions, it will be deciding zone to determine the upcoming price movements in Aptos price.

In a recent tweet by @venturecharts, he pointed out that Aptos price has met with rejection from the resistance barrier of $7 and is ready for a multi-directional move.

$APT ??Another hated update, but for those who trade both directions, then you're welcome. https://t.co/CPwIMTVIlD

Tweet by venture | Source: X

Whether the Aptos price breaks below or sees a bounce will lead to a significant shift in direction. That said, indecisiveness between the bulls and bears is apparent.

Aptos Investors Are Anticipating a Surge

The weighted sentiment data reflects a significant spike, and its value rose above the zero line, which was noted at 0.315. It indicates that the investors are looking for a surge and started making longs.

Moreover, the social dominance data indicates a surge in investor chatter and discussion activity on the media platforms. This increased activity represents investors and traders looking to know the token’s next move.

A look at the intraday setup shows that Aptos crypto has formed a hammer candlestick and attempted a pullback.

Considering the bullish side, the token has escaped a four-month trendline hurdle and sustained gains above it. Despite the lack of volume, a follow-on bullish run is still due.

Notably, the bulls have shown their muscles and are ready to lift the reversal. Following a significant change in trend, the token ended the lower low series and made a fresh higher low, which conveyed the change in dynamics.

However, the futures Open Interest (OI) shed over 3.29% to $82.84 Million, conveying signs of long unwinding in the last 24 hours. Meanwhile, the funding rate turned positive, at 0.0074%, underlining the bullish sentiment.

If the token sustains above the $6 mark, it may see a rebound toward the $6.40, followed by the $7 mark in the upcoming sessions. If it slips below the $6 mark, the $5.60 followed by the $5 mark is the critical support zone to watch out for.

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