AMCrypto Alex Shares an Expert Opinion Concerning the Current Aptos (APT) Market Structure

Today, AMCrypto Alex shared an expert opinion concerning the current Aptos (APT) market structure. The renowned crypto analyst said the ongoing Aptos market rally remains

Today, AMCrypto Alex took to X to share an expert opinion on the current market structure of Aptos (APT).

The crypto analyst noted that the ongoing Aptos market rally is still strong, and further bullishness would be confirmed if its value rises to a particular level.

Of late, Aptos has been seeing an impressive recovery, which today enabled it to reach a high of $5.16 after seeing a 4.6% increase from yesterday. Over the past two weeks, APT has been able to trade up 3.9% and 22.2% in seven days and two weeks ago, respectively.

However, despite the remarkable upturn, the market’s future remains uncertain due to the swift volatility associated with the crypto market.

$6.2 as a key price target for APT

In a post shared on X on April 21, AMCrypto Alex identified the $6.2 price level as the next target for the APT market. Using a weekly timeframe, the analyst identified that Aptos has consistently formed higher highs and higher lows, which is an indicator of increased buying pressure. This also shows that investors are able to buy the token at increasingly higher prices.

This pattern confirms the presence of an upward movement in the APT market, indicating a continuation of the token’s uptrend. If the pattern moves as expected, APT’s price could head higher, targeting the $6.2 region. This price mark is seen as a crucial resistance level for Aptos, making it a significant level for investors and traders to watch.

APT price updates

Besides the recent two-week’s price rise as highlighted above, today APT’s trading volume rose 56.80% from yesterday, indicating a recent increase in market activity. This means that traders and investors are showing more interest in APT, which might heat up the token for an upcoming market rally.

Apart from this increase in market participation, metrics from Coinglass indicate that APT is currently attracting substantial attention. The Long/Short Ratio for Aptos shows that investor sentiment is currently measuring towards bullishness.

The number of traders who are bullish on Aptos, placing Long positions, largely outnumbers those who are bearish and have entered Short positions. This imbalance showcases a strong vote of confidence from investors in the short-term performance of Aptos. Historically, this ratio suggests an anticipation of an upturn in price movement, which could be fueling the current rally for the asset. As more traders enter the market with Long positions to capitalize on the anticipated price increase, this market sentiment could propel the token to push even higher.

As Aptos continues to trade within this pattern, on-chain indicators signal a bullish outlook. The crucial $6.2 resistance level is the target as the asset continues with its upward movement.