Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- APT has been stuck in range formation since mid-June.
- More long positions discouraged ahead of Fed decision.
If you’re a Fed watcher and macro-trader, you’re likely aware of the Federal Open Market Committee (FOMC) meeting scheduled for 25/26 July. Historically, Fed rate decisions are marked with increased volatility and could influence Aptos’ [APT] price action.
Read Aptos [APT] Price Prediction 2023-24
Most Fed watchers expected a likely +0.25% rate hike. Given the current and precarious Bitcoin’s [BTC] position, <$30k, more losses could be on the cards, especially if the hawkish stance is confirmed and investors are unnerved.
Which way for APT price?
The recovery fronted in mid-June was cut short after APT entered a range formation between $6.99 – $7.97. Before the extended drop in early June, APT was in another sideways movement within the $7.97 – $8.77.
At the time of writing, the price chart indicators illustrated the bulls’ leverage in the current range formation. Notably, the Relative Strength Index was above the neutral level, and the On Balance Volume edged higher.
However, BTC’s tight consolidation below $30k could set APT to extend its range formation. APT could continue its consolidation between $6.99 – $7.97, and traders can seek gains at the range extremes.
But traders must be cautious of liquidity hunts in
Go to Source to See Full Article
Author: Benjamin Njiri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
