Aptos market structure continues to slide and break key support. Notably, APT recorded a 500% gain during the January rally, rising from $3.4 to $20.4.
But a further correction after the $20.4 price was rejected caused the price to wipe out more than 44% of the gains. At press time, APT was trading at $11.2, well below a key support level.
APT has been struggling below the descending line (white), delaying any strong rally that would lead the market into a bullish structure.
Bitcoin fell sharply on Thursday (March 2), with APT falling below the 38.2% Fibonacci support level ($12.1). This support level stopped the previous sharp decline. But the bulls have failed to defend it at the time of writing, which would tip the edge in favor of the bears.
Bears can push APT above the 23.6% Fibonacci level ($10.1), especially if BTC retests or breaks below 21.6%. Long-term bears can place stops above the 38.2% Fibonacci level ($12.1) and target the price at $10.1.
Alternatively, bulls may look to enter the market if APT closes above the 38.2% Fibonacci level ($12.1). The near-term target would be the EMA band or descending line at $12.6.
A close above the descending line and the 50% Fib level will give bulls more leverage to target the 78.6% Fib level ($17.5). The uptrend could accelerate if BTC returns to the $23,000 level.
The RSI is in the lower range, while the falling OBV (on balance volume) suggests that buying pressure has eased considerably. Additionally, the CMF (Chaikin Money Flow) moved south below the zero line, suggesting that bears have leverage.
According to Coinglass, APT’s open interest peaked on March 2 and has since declined. However, despite the price drop, open interest is still increasing at the time of writing, forming a divergence. This suggests that a price reversal could be imminent if demand for APT increases in the futures market.
However, according to data from Coinalyze, more long positions than short positions were liquidated in the past 24 hours. This suggests that long positions are paying for short positions, reinforcing the bearish sentiment. Therefore, investors should proceed with caution and pay attention to the price action of Bitcoin.
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According to Ambcrypto