APT retests $13 psychological level – Here’s where can buyers can look to re-enter
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
– A look at the APT 12-hour chart showed that it was bullish at press time.
– Although APT’s trading volume improved significantly, the overall sentiment witnessed a decline.
Since the end-February, Aptos [APT] oscillated between $10 and $14. Throughout the first half of April, the price action was below the range’s mid-level of $12. But on 13 April, bulls closed above the mid-level, tipping bulls to focus on the upper range boundary.
However, Bitcoin’s [BTC] recent sideways structure has set APT to consolidate narrowly near $12 after retesting $13. Nevertheless, the price action has retested a key value area that could tip bulls to advance further if BTC surges beyond $30.4k.
Read Aptos [APT] Price Prediction 2023-24
APT’s pullback retest key value area of $12.2
Source: APT/USDT on TradingView
On the 12-hour chart, the RSI retreated but remained bullish. In addition, the stochastic RSI retreated from the overbought zone, too – capturing the ongoing pullback retest on the key value area of the Volume Profile Visible Range (VPVR) of $12.2 (red line). But the Average Directional Index (ADX) surged, suggesting the uptrend momentum was still strong.
As such, APT’s value could appreciate further and target the range’s upper boundary of $14 if bulls defend the range support of $11.94 – $12.25. Ergo, buying at current levels could offer a good risk ratio, especially if the APT/USDT pair makes a new monthly high and BTC surges above $30.4k. A bullish breakout could push APT to the $18 level.
A close below the range’s mid-level of $12.0 will invalidate the above bullish thesis. Such a move could sink APT to $10.93 or the channel’s lower boundary of $10.0. These levels can act as short-selling targets in such a downswing scenario.
Trading volume improved; sentiment declined
Source: Santiment
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APT’s trading volume peaked around 14 April, setting it to hit a high above $13.5. But the volumes eased afterward, attracting sellers into the market. However, the metric improved at press time, which could give bulls slight hope.
Unfortunately, the weighted sentiment flipped to negative, which could undermine a strong recovery and push toward $14. In addition, the weekly price volatility remained low, indicating a price steadied into the narrow consolidation near $12.
