Aptos (APT) is showing promising signs of a rebound on Saturday, February 21, after testing the lower boundary of a descending channel on the 3-day timeframe.
According to the crypto analyst Jonathan Carter, traders are closely watching as the price continues to respect the support trendline, suggesting potential bullish momentum is building. Jonathan Carter highlights that such setups often precede sharp upward movements in crypto markets.
Technical indicators reveal emerging bullish signals for APT, including increased buying pressure and positive momentum trends. The descending channel pattern acts as a guide, helping traders anticipate potential price behavior.
Historically, price action near strong support zones often triggers explosive rallies, making this setup a key point of interest for both short-term traders and long-term investors eyeing the next breakout.
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Aptos Eyes $16 Upside After Descending Channel Bounce
Several key price levels are also being watched as potential levels through which the stock may bounce. Initial resistance is seen at the stock’s current price of $1.50.
Next are the psychological levels at $2.00. Further out are levels of $4.00, $10.00, and $16.00, with each level signifying increased levels of investor optimism.
Source: Jonathan Carter X Post
Overall, the combination of a respected support trendline and bullish signals provides Aptos with the opportunity to rally.
Market participants should be on the lookout, as a breakout from the descending channel could be an indication of a trend change. Strong support areas could be the fuel for explosive moves in the near future.
Momentum Indicators Point to a Trend Reversal
According to TradingView, as of Saturday, February 21, APT has a clear downtrend, with the price dropping from a value higher than $1.20 to a low of approximately $0.82.
The small increases around the 9th and 15th of February are not enough to break the downtrend. The latest candles indicate a possible recovery, with the price trading at approximately $0.897, suggesting that the market is resisting at this value.
Source: TradingVIew
Technical indicators have mixed signals. The RSI has been rising from an oversold position to a current level of approximately 51.89.
The MACD line is above the signal line, and the histogram is green, which is a sign of increasing bullishness. The technical indicators are showing that while the trend is down, there is some possibility of a bounce.
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