Aptos (APT) price has recently experienced a notable price increase despite a general downturn in the broader market. Over the past week, the Aptos has climbed over 27%, showcasing a robust potential for market recovery. This impressive performance uptick suggests strong momentum for APT amidst uncertain market conditions.
Aptos Price Analysis: Strong Momentum Amid Market Downturn
At the time of reporting, the Aptos price hovered at $7.44 during the U.S. time frame. The cryptocurrency has shown a significant upward trend, with a 6% increase over the past 24-hours. This rise is reflected in the market cap, which has grown by 6% to $3.6 billion, positioning Aptos as the 25th largest cryptocurrency by market cap. The trading volume over the last 24 hours has seen a strong surge of 65.89%, amounting to $191 million.
If the Aptos price breaks above the $8 resistance mark, it could witness a notable increase. Such a move would set the stage for a potential climb to the $9 level, and a sustained rise might even target the critical $10 resistance point.
The Relative Strength Index (RSI) is currently positioned at 61, indicating a strong buying momentum without being overbought. Meanwhile, the Moving Average Convergence Divergence (MACD) presents a bullish crossover. The MACD line (blue) crosses above the signal line (orange), further confirming the upward trend.
Aptos Price chart| Source: TradingView
According to Coinglass, trading activity for Aptos has seen a significant surge, contributing to its bullish price trend. The volume has increased by 94.17%, reaching a substantial $405.91 million.
The open interest, which indicates the total number of outstanding derivative contracts that have not been settled, has risen by 23.38%, amounting to $115.62 million. This spike in trading volume and open interest suggests a growing interest and a potentially stronger market for Aptos.
Source: Coinglass
Conversely, a market downturn could see Layer 1 retreat to the $7 support level. Continued downward pressure could further depress its price to around $6. This decline would indicate a shift toward a bearish market phase.
The post Aptos Price Defies Odds, Rises 27% in a Week Amidst Market Slump appeared first on CoinGape.
