$APT surged nearly 10%

In the last 24 hours, the price of APT has increased by 10% and reached a 16-day high due to investor optimism. The rally began after Bitwise filed updated S-1 documents with the U.S. SEC for proposed spot ETFs based on APT on Thursday.

The company first filed the relevant application in March. The document update is a signal that Bitwise is serious about entering the market. This triggered a new wave of demand for the altcoin, as traders now expect investments from institutional players.

On the daily chart, the positive Balance of Power (BoP) indicator shows growing interest from spot market participants. At the time of writing, the indicator stands at 0.67. This means that bulls completely control the Aptos market and are capable of supporting further growth of the cryptocurrency.

At the time of writing, the altcoin confidently holds above its 20-day exponential moving average (EMA), which provides dynamic support at the level of $4.68.

The 20-day EMA reflects the average price of the asset over the last 20 days, placing more emphasis on recent changes. If the price is above the 20-day EMA, it signals a short-term bullish trend $WCT $LPT