![Assessing the odds of Aptos [APT] bouncing before heading south again](https://i.headtopics.com/images/2023/4/22/cryptoamb/assessing-the-odds-of-aptos-apt-bouncing-before-he-assessing-the-odds-of-aptos-apt-bouncing-before-he-1649798466699182083.webp)
Aptos has fallen almost vertically over the past three days without resting at support levels for a decent chunk of time. What does that mean?
has shed 25% of its value over the past three days, measured from the swing points. More losses can follow, but an opportunity can arise for bears to re-enter short positions.Source: APT/USDT on TradingView
The RSI stood at 20 to show extreme bearish momentum. The market structure was also firmly bearish. Aptos has fallen almost vertically over the past three days without resting at support levels for a decent chunk of time. The significant dip in the OBV also highlighted intense selling pressure over the past three days. However, in mid-March, the $9.9-$10 area had served as a demand zone for APT. A bullish order block had formed in this area and was highlighted by the cyan box. It was a significant zone because of the sharp reaction APT noted the last time it tested this support.Moreover, the swift fall in Aptos values left a fair value gap on the charts that extended to $10.8.
The funding rate also fell into the negative territory in recent hours, underlining the majority had shifted bearish. This does not rule out the possibility of a near-term bounce, which can catch late shorts offside and hunt liquidity that way. Overall, the market remains strongly in favor of the sellers for now.
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