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Recently, there seems to be a decline in investor confidence in the altcoin market, with the Aptos price performance mirroring this sentiment. Since the beginning of the new year, the APT token has struggled to maintain any significant upward movement.

Despite briefly reaching above $10 in early January, the Aptos price has been steadily decreasing, now hovering around $8. Unfortunately, it appears that the challenges for the APT token are far from over, with the potential for a further correction looming.

Understanding APT’s Possible 50% Correction

In a recent post on the X platform, renowned crypto analyst Ali Martinez made a concerning prediction regarding the future price of Aptos in the coming weeks. According to Martinez, the altcoin currently exhibits a bearish setup, making it susceptible to a significant correction.

The basis for this pessimistic forecast is the formation of a head-and-shoulders pattern on the Aptos 12-hour chart. This pattern, commonly used in technical price analysis, consists of three price peaks, with a higher “head” positioned between two lower “shoulders.”

Typically, this chart formation indicates a potential downward trend reversal, suggesting a shift from an upward price trajectory to a downward one. Confirmation of this setup occurs when the asset’s price breaks below the neckline, a trendline connecting the swing lows between the head.

As illustrated in the above chart, the Aptos price has already formed the right shoulder after being rejected around $10.5. Following a test of the neckline, located around $8 in mid-January, the price rebounded to $9.5.

However, the Aptos price appears to be approaching the neckline once again. While there is no certainty that the neckline will break this time, it is noteworthy that repeated testing of a price level increases the likelihood of a breach.

According to Martinez, if the Aptos price successfully drops below $8, there is a risk of a substantial decline to $4.30, representing a nearly 50% decrease from the current level.

Alternatively, Martinez outlined a scenario where a sustained close above the right shoulder at $10.50 could invalidate the bearish outlook for Aptos.

Aptos Price Overview

Currently, the APT token is trading at around $8.13, reflecting a nearly 2% decline in the past 24 hours. Data from CoinGecko shows that the Aptos price has decreased by over 11% in the last week.

The post Aptos Price May Continue to Decline Towards $4.3 appeared first on Crypto Breaking News.

The Bitcoin price crash to $91,000 was unexpected, driven by diminishing market dominance and rising volatility. Despite this setback, an analyst predicts an even bleaker outlook for the leading cryptocurrency. The formation of a bearish flag pattern suggests further price declines could be on the horizon, with the analyst projecting a steeper price plunge towards $90,000.

Bearish Flag Pattern Signal Bitcoin Price Crash

Pejman Zwin, a TradingView crypto analyst, released a chart analysis predicting a significantly bearish outlook for the Bitcoin price. The analyst based this gloomy forecast on the appearance of a bearish flag pattern and other key technical indicators.

According to Zwin, Bitcoin is moving within a bearish flag pattern, a technical formation that often signals a continuation of a prior downtrend. If this flag pattern holds, Bitcoin is likely preparing to break downward, which could lead to severe price declines. 

The analyst indicated that the 50-day Moving Average (MA), around the $95,974 mark, acted as a key resistance or support level for Bitcoin. However, the cryptocurrency recently broke below this MA — a development considered bearish, suggesting further downside. 

Zwin also disclosed that Bitcoin is moving within a heavy support zone between $95,000 and $90,870. Additionally, he highlighted that the pioneer cryptocurrency is breaking through key support lines, signaling a potential continuation of the downward trend. 

Looking at Bitcoin’s price action relative to the aforementioned technical indicators and chart patterns, Zwin anticipates a significant price crash toward $91,000. The analyst highlighted that a decline to $91,000 was the minimum expected, which would occur if Bitcoin breaks current support lines.

He also disclosed that if the heavy support zone is breached, BTC could face further bearish pressure, potentially revisiting lower price levels around $90,540. Interestingly, Zwin’s bearish Bitcoin price prediction follows a recent price crash to $91,000 on Monday. During this sideways trading Bitcoin’s market sentiment has declined, with its bearish price action showing no signs of slowing down. 

Although Bitcoin’s price suffered a sharp fall, it has quickly recovered and is now trading at $93,893. Nevertheless, a price drop to Zwin’s projected $90,540 target would result in a Bitcoin crash of approximately 3.6%

Alternative Bullish Scenario

While he projected a bearish outlook for the Bitcoin price, Zwin provided an alternative bullish scenario that could trigger a rebound. According to the TradingView analyst, around $95,974 could be a ceiling for Bitcoin’s price. If BTC can break above the resistance lines, it could invalidate the bearish flag pattern, signaling a potential reversal to the upside. 

On another note, a market expert known as ‘Mister Crypto’ on X (formerly Twitter) has predicted an upcoming Bitcoin breakout to new levels. The analyst suggests that in the next two days, Bitcoin could overcome bearish trends and potentially resume its previous upward trend.  

 

Source: NewsBTC.com

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