Aptos (APT) has been making waves in the cryptocurrency market with an impressive 82% rally, positioning itself for a potential breakout. As Bitcoin (BTC) approaches the $90,000 mark, the broader market is witnessing a resurgence, and AI tokens are leading the charge. Among these, Aptos stands out, having surged 60% in just the past week, bringing its price to $12.95. This sharp upward movement has sparked speculation about the token’s next steps, with many analysts suggesting a bullish push toward $20 and possibly even beyond.
Aptos Triangle Breakout Faces Key Resistance
On the daily chart, Aptos has broken out of a triangle pattern, but is currently facing resistance at the $13.71 level, which aligns with the 78.60% Fibonacci retracement. This is a critical point for the bulls, as the token recently experienced a 5.46% intraday pullback, forming a bearish candle. While caution is warranted, the underlying bullish momentum remains intact. The price rally began after a Morning Star pattern formed at the 200-day Exponential Moving Average (EMA), propelling the price from $7.73 to $14.11—an 82.54% increase.
Aptos Network Growth – TVL and Partnerships Drive Momentum
Aptos’ growth is not just limited to its price action. The network itself has been expanding rapidly, with the total value locked (TVL) surpassing $1 billion, currently standing at $1.073 billion. This surge in TVL highlights the increasing confidence in the Aptos ecosystem, which is further bolstered by a recent partnership with Zero1 Labs. This collaboration aims to provide developers with resources to scale AI-powered decentralized applications (dApps) on the Aptos blockchain. Zero1 Labs will utilize Aptos’ DeimBFTv4 consensus protocol and parallel execution engine to enhance the scalability and functionality of dApps, adding further utility to the platform.
Despite the resistance at the 78.60% Fibonacci level, Aptos’ price has shown resilience. If the broader market continues to recover, there is a strong possibility that the APT token will break through this barrier and target the 100% Fibonacci level at $18.07. The token’s 52-week high of $20.39 is within reach, and technical indicators suggest that a new all-time high for Aptos in 2024 is plausible. Looking further ahead, the 1.618 Fibonacci extension points to an upside potential of 190%, with a target of $40.07 if the breakout momentum continues.
Also Read: MEXC and MEXC Ventures Establish $20M Fund for Aptos Ecosystem Expansion
Support Levels to Watch
On the downside, Aptos has established psychological support at the $10 level, which is expected to hold as a key level of defense for the bulls. This support zone offers a cushion in case of market corrections, providing a safety net for investors.
In conclusion, Aptos is on the cusp of a significant breakout. With strong network growth, strategic partnerships, and a rapidly appreciating price, the token is well-positioned to challenge key resistance levels and potentially reach new all-time highs. Investors should keep a close eye on the $13.71 resistance and the broader market conditions, as Aptos’ next move could be a game-changer for the AI token sector.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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