Aptos (APT) Price Analysis: Despite a Slight Dip, the Asset's Outlook Remains Bullish

CoinMarketCap reports that Aptos [APT] has seen a notable decrease, dropping 8.09% in value over the past 24 hours. Despite this drop, the asset's overall outlook remains bullish, buoyed by a 36.63% gain over the month.

CoinMarketCap reveals that Aptos [APT] has taken a hit, dropping 8.09% in value over the past 24 hours. However, the asset’s overall outlook is bullish with a 36.63% gain over the month.

This price movement has led AMBCrypto to anticipate continued growth for the asset.

Aptos [APT] technical analysis

On the 4-hour time frame, APT appears bullish, having pulled back to a resistance-turned-support level that could serve as a catalyst for upward movement.

The support level at $8.29 is crucial, where significant buying pressure is expected. This level is likely to hold, as indicated by a bullish Doji candlestick pattern, which signifies strong buying interest at this price.

If this support level is maintained, APT is expected to revisit its previous high at $9.56, where a major liquidity cluster is located. Otherwise, it might trade lower, finding temporary support at $7.81.

Aptos 4-hour time frame on 23 February 2024. Source: Trading View

Aptos technicals hint at bullish outlook

Technical indicators like the Parabolic SAR (Stop and Reverse) and the Aroon Line indicate that APT might appear bearish at a glance, but underlying trends suggest a continued bullish stance.

The Parabolic SAR, which utilizes dots to indicate market direction, shows dots positioned below the price bar, signaling an uptrend. This arrangement suggests that bulls are still actively influencing the market.

If the support level holds and Aptos begins to rally, it could encounter resistance at $9.56, where a major liquidity cluster is positioned.

Moreover, the Aroon indicator, which employs two lines—the Aroon Up (orange) and Aroon Down (blue)—to gauge market movements, supports the bullish outlook.

Aptos technicals on the 4-hour time frame. Source: Trading View

Aptos technicals hint at bullish outlook. Source: Trading View

Aptos on-chain analysis

Aptos’ market presents mixed signals, according to the latest on-chain metrics.

For instance, Open Interest has dropped by 10.72% to reach $162.74 million in the last 24 hours, as reported by Coinglass. This decrease hints at a bearish undertone, suggesting that derivative contracts are trending bearish.

Aptos Open Interest on 23 February 2024. Source: Coinglass

On the other hand, the spot market for Aptos shows promising signs. A negative Exchange Netflow indicates that over $5 million worth of APT has been withdrawn from multiple crypto exchanges.

This activity suggests a potential short-term rise in Aptos’ price and hints at an upcoming supply squeeze.

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