Aptos (APT) is currently hovering near the crucial $10 price level, a point of psychological and technical resistance. According to a tweet by analyst Daan Crypto Trades, the $10 mark is under pressure, with potential for a strong rally if it is broken.
Daan also highlights strong support around the $7-8 range, which has provided a firm base for the crypto in recent weeks. Moreover, Daan notes that Aptos has previously surged to the $20 region twice during this cycle, further amplifying the anticipation for another potential upward move.
The possibility of renewed buying interest from South Korea’s Upbit exchange, where Aptos enjoys notable popularity, could also accelerate future price action.
$APT Testing the big $10 level.Anything above here is pretty thin in terms of previously traded volume & price action.There's strong support down at the $7-8 level which have held price up nicely over 1-2 weeks.This ran to ~$20 two times already this cycle. There has been… https://t.co/GMcSyHIhfC pic.twitter.com/y21UHSTQ1e
— Daan Crypto Trades (@DaanCrypto) October 15, 2024
Thin Volume Resistance Above $10
Daan’s analysis of Aptos suggests that price action above $10 is relatively thin in terms of volume, meaning that if Aptos clears this resistance, it could rise rapidly due to the lack of historical price activity above this level. This aligns with the volume profile on the Aptos/USDT chart, which shows minimal volume resistance above $10.
With the current price resting just above this critical level, traders are keeping a close watch. Should Aptos breach this resistance, historical data suggests the possibility of a sharp move upwards, potentially revisiting highs of $19-$20.
Strong Support Between $7 and $8
Daan’s tweet also identifies strong support for Aptos at the $7-8 range. Both the 200-day simple moving average (SMA) and the exponential moving average (EMA) converge around these levels, reinforcing this area as a key support zone.
The price has previously found support here, and it’s likely to continue serving as a strong floor in the event of a pullback. Should Aptos fail to maintain its current level, a retracement to this support zone may offer an opportunity for bulls to enter the market again.
The presence of these technical supports makes the $7-8 range a critical area for traders.
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Influence of Token Unlocks and Upbit Activity
Daan Crypto Trades also mentions the recent increase in token unlocks, which could create some selling pressure. Despite this, Aptos has shown resilience in previous upward moves.
In addition, buying interest from Upbit, a major South Korean exchange, could fuel further price appreciation, especially if demand surges as it has in the past.
The combination of thin volume resistance above $10 and strong support near $7-8 sets the stage for a potential price action soon. Moreover, external factors such as token unlocks and market activity on Upbit play a crucial role.
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