Digital currencies traded in green on Thursday after bouncing back from yesterday’s sudden dip.
Aptos grabbed the crypto community’s attention as it targets massive breakouts.
APT eyes significant surges after rebounding from a crucial support barrier after consolidating within a descending wedge.
The alt has hovered inside a falling wedge setup on the weekly chart, and the prevailing action suggests a trend shift – potentially to bullish.
The initial resistance is $10.19, beyond which bulls could have a smooth ride to $16.03.
That would translate to a 162% surge from Aptos’ current price of $6.11.
APT rebounds from key support
Crypto analyst Rose highlighted a reliable foothold that has prevented further Aptos dips.
$APT/USDT
Aptos is bouncing from a major support zone after forming a falling wedge pattern on the weekly timeframe🔍
A breakout from this pattern could drive price towards targets at $10.19 and $16.03 🎯
Bullish momentum is building—watch for confirmation 🚀
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The altcoin is rebounding from crucial support between $4.61 and $6.0.
Notably, this happens after Aptos formed a descending setup on its weekly chart.
The analyst believes a breakout (and decisive confirmation) from the wedge pattern could trigger explosive price surges to the upside.
APT bulls first reclaim $10.19 before extending the surges towards $16.03.
Aptos price outlook
APT trades at $6.11 after significant recoveries in the past 24 hours.
Chart by Coinmarketcap
The increased daily trading volume signals trader optimism in the alt.
Continued bullish actions will likely confirm the falling wedge breakout, which will see Aptos prices skyrocketing.
Technical indicators support APT’s upside stance.
The Chaikin Money Flow has increased to 0.20 from yesterday’s -0.25.
That indicates increased accumulation as the alt signals extended gains.
Continued inflows will support APT’s anticipated surges.
Also, the Moving Average Convergence Divergence demonstrates the bullish resurgence with an upward crossover in the signal line.
Nevertheless, broad market sentiments will determine APT’s trajectory in the upcoming sessions.
Bearish developments will likely delay the predicted upswings.
Price dips will plunge the token into the support range, postponing the falling wedge breakout.
That could mean downside risks to $3.54, translating to a 73% dip from the current price.
Crypto market outlook
Bulls ruled the cryptocurrency space today as Bitcoin’s rebound past $97K ignited investor optimism.
That triggered significant gains for altcoins, with CAKE leading the upside after gaining more than 65% in the past day.
Today’s market performance grabbed attention as crypto displayed resilience despite the hot United States CPI report.
Meanwhile, Bitcoin continued to set the tone for the market.
The bellwether crypto traded at $96,242 during this publication.
Analyst Rekt Capital highlighted that the crypto is approaching a key “light blue resistance” at $97.7K.
#BTC
Once again Bitcoin is in contention to position itself for a reclaim of the light blue resistance of $97700
Bitcoin needs a Daily Close and/or a retest of said level to ensure continuation
Upside wicks beyond light blue have been happening very frequently as of late,…
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Bitcoin has to overcome this hurdle and ensure a daily candlestick close above it to confirm bullish momentum.
A daily closing beyond $97.7K would see BTC reclaiming the $100K psychological level before extending higher.
However, a break below $92K would catalyze significant declines. Losing $90K could call for dips toward $70K (according to Ali Martinez).
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