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Can Aptos Hit a $10 Bullish Target? Unpacking the Double Bottom Pattern!
In line with the broader crypto market, Aptos experienced a significant price increase last week, achieving a 12.53% market gain. However, this notable altcoin is in a corrective phase with an 8.75% loss over the past month. Despite underperforming since the bullish resurgence in April, popular market analyst PlanD suggests a potential continuation of its recent uptrend due to a bullish chart pattern.
Understanding the Double Bottom Pattern
Aptos has been navigating within a descending channel for over two and a half years. In the last three months, the price has tested the lower boundary of this channel twice, forming a “double bottom” pattern. This pattern is recognized as a bullish reversal indicator, where two similar lows are separated by a peak. For Aptos, the neckline of this pattern appears near the $6.00 mark.
Breaking the Neckline: A Bullish Signal
If Aptos bulls manage a decisive daily close above $6.00, it could catalyze a significant market rally. The initial price target post-breakout is set at approximately $9.92, which would represent a 100% increase from current levels. Ascending beyond this, continued buying pressure might push Aptos back towards its cycle high at $17.90, aligning with the upper boundary of the descending channel.
Lofty Goals and Potential Setbacks
PlanD’s analysis suggests that a successful breakout from the channel could lead investors to target prices as high as $55 to $79. However, a rejection at the $6.00 resistance could delay or invalidate this bullish forecast, especially if the price falls below the current support at the channel’s lower boundary.
Current Market Position
As of now, Aptos is trading at $4.88, down 2.41% in the last day, with a daily trading volume up by 67.08% at $430.09 million. With a market cap of $3.41 billion, Aptos ranks as the 31st largest cryptocurrency. For those interested in further details, more about crypto can be found here.
Conclusion
The potential for Aptos to reach a $10 target hinges on its ability to break and hold above the $6.00 level. The current setup in the crypto market suggests a bullish reversal could be on the horizon, but investors should remain cautious of potential resistance that could alter the trajectory. Aptos’s journey towards reclaiming and possibly exceeding its previous highs is something market watchers will continue to observe closely.
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