The post Why Aptos’ (APT) Uptrend Depends on the $7.85 Support appeared on BitcoinEthereumNews.com.

APT may form a support at $7.85, a trader pointed out on X. There has been a bullish crossover that could take APT beyond the $7.18 resistance. Should buying pressure continue, APT may reverse from its slight drawdown. A month ago, the value of Aptos (APT) flipped the $7.20 psychological area. However, the notable gains the token provided resulted in massive profit-taking from holders of the cryptocurrency. As a result, the APT price plunged and was trading at $7.03.  Before the jump back above $7, APT fell as low as $6.48. But it was around the same point that support formed, triggering an uptick to $7.12 on November 4. While the price has now declined, crypto investor and trader Crypto Tony opined that there was no reason to fret.  According to Tony, it could be a wise decision to open a long position for APT. However, in his post on X (formerly Twitter), he noted that there are conditions to the projected price rise.  After the Plunge, Comes the Reversal From the post above, Tony mentioned that APT needed to flip a resistance (possibly the $7.18 region as shown below) before it could jump to $7.85. Thereafter, the cryptocurrency price could continue another leg up the charts. The APT/USD 4-hour chart showed that the current strength displayed by the token was relatively okay. This inference was obtained from the Relative Strength Index (RSI). At the time of writing, the RSI was 571.5. This reading denotes good buying pressure. But it might not be enough to drive APT above $7.18. For APT to have a chance at a $7.85 support, the RSI reading has to at least cross 65.00. Other indicators like the Awesome Oscillator (AO) showed that the price target was possible. As of this writing, the AO was 0.10,…

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Filed under: News - @ November 5, 2023 10:24 am