The $8 zone was a strong higher timeframe support, but Aptos' buyers have not managed to drive a price rally yet. Can they succeed on this try?
trend was highlighted as bearish on the higher timeframes. There was a bullish order block on the daily timeframe at $8. At the time of writing, Aptos beat the $8 resistance level and was close to the $8.5 mark.However, range highs remained untested. It was thus possible that Aptos could see a move toward this zone to collect liquidity by trapping the late buyers. Can traders look to short APT soon?Analysis of multiple timeframes can sometimes get tricky.
Will the bias be bullish then? Technically, yes, but context is important. Over the past three weeks, Aptos has traded within a range . The range extended from $7.73 to $8.82, with the mid-point at $8.3. The price action has respected the mid-point as well as the range extremes, in recent times. Therefore, a shorting opportunity could arise at the $8.8 level, with a run up to $9 also a possibility to fake out the late bulls.
The RSI showed strong bullish momentum, and the OBV rose higher as well. This reflected the bullish momentum of the past few days. But it was unlikely that the bulls could keep it up, especially ifThe speculator sentiment leaned strongly in favor of bullsMeasured from the swing low on Friday at $7.82 to the swing high on Sunday at $8.7, Aptos has registered gains of 11.27% within three days. This was good reason for the futures market participants to have a bullish view of the market.
This was seen on the Open Interest chart from Coinalyze. The OI formed a steady series of higher lows since Thursday, 25 May, and surged by around $8 million on 28 May. It remained to be seen if the bulls can keep up the pressure. The past month’s price action implied that a reversal at the range highs was the more likely outcome.
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