APT Technical Analysis
The descending channel pattern is obvious on the APT chart. After volatile movements within the channel, the price of the coin has now reached both the upper border of the channel and the horizontal resistance zone, which stands around $5.60 in the short term.
According to the technical outlook of the channel, it can be said that in case of an upward breakout, the price can rise as long as the channel’s length; thus, the coin can target the level of $8.40.The resistance at $5.60 and the horizontal resistance both must be broken above in order to trigger this upward momentum. Unless this resistance level gets broken, each horizontal candle will increase sell pressure and the price might drop to the lower support zones.
- Short-term support levels:$5.10$4.93$4.44
The price is likely to hold above these levels after a possible pullback and then bounce.
- Possible targets above are as follows:$6.18$6.39$7.10Main target: $8.40 (target of the channel’s breakout)
These price levels overlap both with areas acting as resistance in the past and with technical formation targets.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
