Sellers extended their dominance on the APT price chart with another rejection at the range-high.
ranging price action over the past month. While BTC ranged in the short term between $26.1k to $26.6k, APT’s oscillating price action between $5 and $8 has stretched over a two-month period.Consequently, the latest bullish push to break past the range-high was met with another rejection, highlighting sellers’ advantage under the current market conditions.
Aptos began the year on a firm bullish note, rising to a year high of $20.3. Since then, the altcoin has fallen into a severe bearish downtrend losing over 68% of its value. Zooming into its current price action showed the lack of trading volume which has aided the selling pressure. The lack of liquidity has seen APT fall into range-bound movement between $5 to $8, since 10 June. This has seen the On Balance Volume indicator flatline around the 200 million mark over the same period.
Over the past seven days, APT’s Relative Strength Index climbed above the neutral 50 mark on 9 August after a strong bullish daily close. However, this move was swiftly curtailed by sellers with the RSI dipping under the neutral 50, as of press time. With sellers holding the upper hand, APT could extend the declining price movement to the $5 support level. This could be an area where bulls look to rally strongly from, as seen in January. However, the key to a sustained bullish reversal will be crossing the $8 hurdle at the range-high.Bullish rebound attempts discouraged by price liquidations
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