Aptos, a Layer-1 blockchain platform, has shown a channel breakout and teases for an up move. Amid the choppy market movements, Aptos (APT) price succeeded in moving out of the channel, representing bullish observations.
Aptos has recovered nicely from the recent dip. It has now been footing a bullish move after mounting new support above the $6 mark mid-week.
Starting with a positive note this month, the Aptos price has surged more than 50% and conveyed buyer dominance. Still, the APT token‘s bullish leg may stretch further and can proceed toward the $8 mark in the coming sessions.
Even though the bulls managed to register a breakout last week, bulls must close above the $7 mark to confirm a major shift.
APT bears are currently off the market. The token was been well placed above the key moving averages. APT depicted fresh higher high swings in the last few weeks.
How Is Aptos Price Currently Doing?
Aptos traded at $6.95, declining over 1.90% in the past 24 hours. APT trading volume surged by over 78%.
It was ranked in the 28th position with a market cap of $3.37 Billion. Additionally, it has a volume-to-market cap ratio of 0.0592.
Aptos Looks Bullish: Price Action Outlook
Aptos price 1-day chart reflected a bullish structure. Accompanied by significant buyer accumulation and higher high series. Aptos price escaped the seller’s control and noted bullish cues.
Looking ahead, an inclining trend continued the pullback in the short-term guides that the token anticipated to trigger a rally. The increasing bullish influence hints that the token can deliver a massive outperformance above the $7.20 mark.
Aptos’s increased volatility with a rise in volume participation showed that investors are watching it. They have been looking for a fresh upward movement past the 100-day EMA to make fresh positions ahead.
The RSI line stayed close to 60, noting that the upward momentum was strengthening. The OBV has formed higher lows throughout August, indicating a lack of firm selling pressure.
CryptoWZRD, in his recent tweet, said that APT has escaped a wedge pattern and can fly toward the $8 mark shortly.
🚨 THE WEDGE HAS BROKEN 👀
⚠️ The falling wedge broke out and $APT is on course to $8.00 🚀 Above that a huge rally triggers 🤯
I’m positioned, and ready to DCA further on a retest 💪🏻 https://t.co/13gj1U5sPw pic.twitter.com/TfvDXbMPJT
— CRYPTOWZRD (@cryptoWZRD_) August 27, 2024
The 61.8% Fib retracement zone was retested by bulls but failed to be violated. A daily close above $7.20 would confirm the next bullish leg ahead. Moving past the $7.20 mark would rally toward the $8, followed by the $9 mark or potentially higher.
Total Value Locked (TVL) On The Rise
Followed by the price increase, the rising TVL implied that its investors had gained confidence. It was noted at $417.34 Million, conveying sustained ecosystem growth.
TVL Data | Source: DeFiLlama
If APT continues the bullish spell, it may revisit the resistance mark of $7.20. A new resistance may unlock close to the $8 mark. However, if any selloff happens, the immediate support zone is placed around the $6 mark, followed by $5.70.