Price of Aptos (APT) Is at Risk of Losing Key Support Level
The price of Aptos (APT) has risen over the last 24 hours according to the crypto market tracking website, CoinMarketCap. Not only has the price of APT risen, but the altcoin has also made its way to the number one spot on CoinMarketCap’s trending list. At press time, the price of APT is up 3.92%. As a result, the altcoin’s price stands at $16.74.
4-hour chart for APT/USDT (Source: CoinMarketCap)
APT’s price was able to break above the resistance level at $14.5525 following a 13% price pump. The altcoin’s price looked to do the same with the resistance level at $20.1393 but was unable to do so. This caused the altcoin’s price to retrace down to a low of $17.1609, where it consolidated for 2 days.
The altcoin’s price then dropped to the 9 EMA line on the 4-hour chart thereafter. This level than offered APT’s price some much-needed support. Last month, the altcoin attempted to break above the resistance level at $20.1393 once again, but history repeated itself as the level stood strong, ultimately, leading to another price retracement.
APT’s price has now dropped below the 9 and 20 EMA lines on its 4-hour charts and is resting on the minor support level at $16.5637. The risk of a further price drop is still present as the 9 EMA crossed bearishly below the 20 EMA on APT’s 4-hour chart, signaling a short-term bearish cycle.
If the current support level fails to hold, then APT’s price will likely fall to the next support level at the previously-mentioned $14.5525 level.
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