- Aptos (APR) shows a bullish reversal after forming a double falling wedge, signaling potential price growth.
- The $4.00-$5.50 demand zone has historically attracted buyers, suggesting possible upward momentum soon.
- A breakout above $10.19 could trigger further upside, with $16.03 as the next key target for Aptos.
Aptos (APT) still demonstrates a bullish reversal after forming the double falling wedge pattern. In his recent X post, Rose Premium Signals pointed out that this technical formation has a glorious history of signaling powerful breakouts. Price has now rebounded off an important support level, which, may signal some changes in trend not favourable to the price. Based from previous trends, Aptos may have formed a strong gearing up pattern that could lead to another hefty price appreciation soon.
Key Breakout Levels Ahead
The demand zone for Aptos located between $4.00 and $5.50 has served as a stable buyer congestion area in past price trends. This zone has brought in buyers and ironically the recent bounce indicates that there are many buyers around. At this stage, it could turn ready to move up, and possibly break out higher in the weeks to come.
The first technical level for Aptos after such a breakout would be at $10.19. This level mark the first signal of the current position shift in the chosen direction. If APT goes above the $10.19 level, there might be more upward pressure on the price. This level will be eyed by many traders as a bullish breakout through this zone can lead to the resumption of the uptrend in the asset’s price.
Aptos Bullish Reversal
A second, more ambitious price target for Aptos is set at $16.03. This target is based on the full measured move for the breakout pattern since the breakout was at the swing high point. A key technical formation used in this regard is the wedge breakouts that, in the case of Aptos, resulted in parabolic uptrends before.
The upward price movement is likely to continue and reaching the $16.03 could be likely the next level for the cryptocurrency. At the time of writing, APT is trading at $5.95, slightly up by 1.27% in the last day.
Source: TradingView
Market volumes will be instrumental in determining this run, together with the sentiment being portrayed in the markets. A breakout requires volumes to indicate whether it was real and if the trend of the prices will continue to go up. Another factor that will contribute to sustainability of the rally will be positive market sentiment, a change of which could trigger a reversal of fortune in a very short time.
Based on the current developments, we can conclude that Aptos is likely to complete an rounds bullish reversal. The double-falling wedge pattern and the recent bounce from a key support zone offer hope for a major price move. However, traders are advised to be careful and watch both volume and sentiment in order to know whether the rally will sustain or not.