Aptos (APT) continues its bullish rally with a 5% intraday gain, reclaiming the $5.00 psychological level. The token has surged nearly 30% this week, fueled by rising optimism in the derivatives market and a technical breakout potential from a four-month descending channel.
Key Highlights
- Bullish Momentum: APT’s weekly gains now approach 30%, with strong buying pressure evident in spot and derivatives markets.
- Open Interest Surge: APT’s Open Interest (OI) spiked 20% to $232 million, signaling growing trader confidence.
- Technical Breakout Potential: Bulls aim to challenge the resistance trendline of a long-term descending channel at $5.91.
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Derivatives Market Signals Optimism
CoinGlass data reveals a notable 20% jump in APT’s Open Interest, reflecting heightened capital inflows. The derivatives market shows a bullish tilt:
- Long/Short Ratio: 1.16 (53.89% long positions in recent trades).
- Taker Buy/Sell Volume: Favors buyers, indicating sustained upward pressure.
Why Open Interest Matters
A rising OI alongside price gains often confirms strong trend continuation. For APT, this suggests traders are positioning for further upside.
Technical Analysis: Targeting the Channel Resistance
APT’s price action reveals a V-shaped recovery, testing June’s high of $5.26. Key levels to watch:
Bullish Indicators
- MACD: Bullish crossover with ascending histogram bars.
- RSI: At 59, supports momentum without overbought risks.
Critical Levels
- Resistance: $5.26 (June high) → $5.91 (channel resistance).
- Support: $4.87 (50-day EMA) → $4.34 (June low).
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FAQs
1. What’s driving Aptos’ price surge?
The rally stems from bullish derivatives activity (rising OI) and technical breakout potential from a multi-month downtrend.
2. Can APT break the descending channel?
A daily close above $5.26 may accelerate gains toward $5.91. However, rejection could retest the 50-day EMA.
3. Is the Open Interest spike sustainable?
While OI reflects bullish sentiment, traders should monitor volume and liquidation levels for confirmation.
Risk Disclaimer
Cryptocurrency trading involves significant risk. This analysis does not constitute investment advice. Conduct independent research before making financial decisions.
Note: The author holds no positions in APT at the time of writing.
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