Aptos (APT) has been on a sideways trajectory for nearly three months. At press time, the altcoin traded near a crucial support range of $5.5
APT’s recent consolidation reaffirmed a rather weak trend on its chart, here’s how you can capitalize on its recent price movements.The derivates data showed mixed sentiment, with bulls still needing a decisive close above the 20-day EMA to reclaim the near-term edge.has been on a sideways trajectory for nearly three months. At press time, the altcoin traded near a crucial support range of $5.5-$5.7.
However, it’s worth noting that the EMAs are still sloping downward and hinted that bullish attempts might struggle to gain momentum unless there is a stronger influx of buying pressure. MACD showed an increasing gap between the MACD line and the signal line , both trending in the negative territory. This suggested increasing bearish momentum and affirmed the possibility of a further decline if the $5.5 support doesn’t hold.The derivatives data reaffirmed the bearish edge, as reflected in the 7.96% drop in open interest to $93.56M. This suggested a lack of new positions entering the market. The long/short ratio also stood at 0.
While trading volumes surged 67.15% to $182.38M, this may not be enough to spark significant bullish sentiment, especially as the long/short ratio was near equilibrium.
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