Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Aptos has a bearish outlook in the coming weeks.
- A drop below $5 was brewing and a lack of demand was worrisome for bulls hoping for a reversal.
Aptos [APT] was involved in the development of Real-World Assets [RWAs] that are aimed at narrowing the gap between fans and merchandise. This could aid the efforts toward mass adoption and persuade more users to join the network.
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However, on the price chart, the token remained in a resolute downtrend. Two important zones of resistance were established to the north and a bullish breakout was unlikely at the time of writing. Where can traders look to go short?
The two APT bearish order blocks appeared insurmountable
On the daily chart, there were two zones (red box) around $5.25 and $5.75 where the seller dominance has been crystal clear since September. Both were bearish order blocks and have repelled bullish efforts on more than one occasion within the past six weeks.
The market structure of APT on the daily chart was bearish. A set of Fibonacci retracement levels (pale yellow) were plotted based on the late August drop from $5.99 to $4.89. The 78.6% retracement level at $5.75 was tested twice in September. It has confluence with the mid-August former support that was since flipped to support and the bearish OB.
In the coming days, the $5.2-$5.37 region’s retest could allow short sellers to enter the Aptos market. Bearish targets include $4.63 and $4.21 to the south. Meanwhile, a move above $5.4 would flip the structure bullishly
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Author: Akashnath S
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