![Aptos [APT] is in price discovery, are you too late to the party?](https://i.headtopics.com/images/2023/1/26/cryptoamb/aptos-apt-is-in-price-discovery-are-you-too-late-t-aptos-apt-is-in-price-discovery-are-you-too-late-t-1618618008049516544.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The higher timeframe charts showed overbought conditions but APT hasn’t slowed down yet. Short-term consolidation near $18 meant a retest could offer a buying opportunity, with Fibonacci extension levels to take profit at. Bitcoin broke […]
, the price has gained more than 50% in under two days. This highlighted the strong bullish sentiment. Fading this rally could be especially risky- but was it wise to attempt to buy the asset now?Bitcoin’s impending move upward was a factor that could sway APT to make further gains. A few days ago, Aptos consolidated in the $12-$14 region before exploding higher to reach $19. Similarly, traders can wait for another range to be established.
The near-term consolidation seen at $16 and $17.7, highlighted in cyan, could be a place to watch out for. A sharp bullish reaction from either of these levels could be a tell-tale sign of the bottom of a range.It is also possible that APT can retrace beneath $16. If that happens, the $14.12 level could see bulls re-enter the market with strength. On the other hand, an extended move above $19.39 would be the more dangerous scenario.
The 4-hour RSI was above the 70-mark to denote strong bullish momentum, and a bearish divergence has not formed on this timeframe yet. The OBV has also formed higher lows over the past 24 hours to show steady buying pressure.Coinalyze The Open Interest has increased enormously in the past three weeks. The spot CVD was also in a strong uptrend till January 21. Thereafter, the spot CVD tailed off to make a series of lower highs. Despite this, the OI continued to rise massively.was extremely negative- a signal that many traders were trying to short APT. This could see a short squeeze, to force early short entries to puke their positions before a downward reversal.
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