Aptos (APT) has shown impressive growth in the past week, surging by 29.98%. However, this momentum has slowed recently, with a modest 1.59% increase over the last 24 hours.
Despite the slowdown, chart analysis indicates that this could be an accumulation phase, setting the stage for another potential price surge.
Why Double-Digit Prices for Aptos Are Possible
APT was previously trading within an ascending triangle—a bullish pattern identified as the early phase of a potential rally. Currently, APT is displaying additional bullish signals, including the formation of an inverse head and shoulders pattern. This pattern is often seen as a precursor to a significant rally, potentially pushing APT’s price above $10.
Despite this positive outlook, market participants have been selling APT, causing a slight dip. However, this seems to be a temporary setback, as the broader analysis still points to a bullish trend.
Short-Term Dip Could Benefit APT’s Next Rally
Indicators like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggest a brief slowdown in momentum. The RSI recently peaked at 74, indicating an overbought condition, but has since settled at 70.25. This adjustment, along with the upward trendline, suggests that investors are accumulating more APT in anticipation of a future upward movement.
The CMF, which evaluates volume-weighted average accumulation and distribution, currently shows a positive value of 0.30, signaling ongoing buying pressure. This trend suggests that the recent dip is a strategic buying opportunity before the next rally.
Open Interest Hints at Imminent Breakout
According to Coinglass, open interest (OI) in APT has decreased from its September 25 peak of $154.45 million to $145.02 million. This suggests that some market participants are attempting to push APT’s price lower. However, the 1.66% increase in OI signals that bulls are gradually entering the market, opening more long positions. If this upward trend in open interest continues, APT could exit its accumulation phase and embark on a rally towards double-digit prices.
