Aptos price encountered resistance at $17.04, which is located at the 78.6 Fibonacci retracement level.
APT is likely to retest $14.40 before mixed L1 tokens become attractive to buy.
A breakout and close below $12.55 would encourage more sell orders, negating the bullish thesis.
Aptos (APT) price is trading bullish, but the altcoin’s upside momentum remains limited as Bitcoin (BTC) price is currently quiet and continues to trade sideways. The network is also preparing for a token unlocking event within 10 days.
Aptos price expected to be $20.40, but there's a caveat
Aptos price is facing resistance due to the 78.6% Fibonacci retracement level at $17.04 and is expected to rise further. While APT holders’ eyes remain on the range high of $20.40, this target may be delayed due to possible exhaustion of buyers.
This can be seen in the horizontal moves in the Relative Strength Index (RSI) and is reinforced by the decrease in the volume indicator.
As such, Aptos price may test the all-important Fibonacci retracement level of 61.8% ($14.40) before the next leg higher. Retesting buyer crowding levels may encourage bulls to feel more confident in opening more buy orders, which would be safer purchases.
APT bulls continue to maintain strength in the APT market, as evidenced by the growing volume on the Momentum Oscillator (AO), increasing the likelihood of further gains. A price target of $20.40 for Aptos would represent ~20% upside from current levels.
However, if the 61.8% Fibonacci retracement yields and Aptos price breaks below this retracement, the downtrend could extend to the 50% level at $12.55. A breakout and close below this level on the weekly time frame would invalidate the bullish argument. This represents a drop of nearly 25% from current levels.
