Will APTOS hit the $5 resistance level soon after its 8% rally today?
APT is up by more than 7% today and could rally toward the $5 resistance level in the near term.
APT, the native coin of the Aptos blockchain, is up by more than 7% in the last 24 hours. The rally comes despite the broader crypto market underperforming once again.
There is no catalyst behind Aptos’s ongoing positive performance. Aptos is up by 9% in the last seven days despite the bearish trend in the broader cryptocurrency market.
Its positive performance comes as the broader crypto market is underperforming. The total crypto market cap has dropped below $830 billion and now stands at $824 billion, down by 1.7% today.
Bitcoin is down by more than 1% in the last 24 hours and is currently trading at around $16,500 per coin. Ether, the second-largest cryptocurrency by market cap, has lost 3% of its value today and risks dropping below $1,100 before the end of the day.
Key levels to watch
The APT/USD 4-hour chart is positive, as Aptos has been performing well over the last few days. The technical indicators show that APT is outperforming the broader crypto market.
The MACD line has crossed into the positive zone, indicating that the bullish momentum is returning. The 14-day RSI of 56 shows that APT is no longer in the oversold region.
At press time, APT is trading at $4.65 per coin. If the bullish trend continues, APT could surge past the first major resistance level at $5.03 before the end of the day.
However, it would need the support of the broader crypto market if it intends to surpass the second major resistance level at $5.53.
The bears are still controlling the broader market, and that could see APT drop toward the $3.93 support level in the near term.