Aptos (APT) saw a major surge on Thursday, January 12th, following the release of the US Consumer Price Index (CPI) data. The data showed a slight dip in inflation, prompting traders and investors to bet on a cooling of US inflation.
This resulted in a rally of APT that saw it close at $6.4632, a massive 21.89% gain. After consolidating for three consecutive days in the resistance range, APT now has an established support area between $5.1847 and $5.3922. At the time of writing, APT has seen an increase of 36% in the last 24 hours and an astonishing 87.99% this week.
The CPI data also saw a surge in Bitcoin, with the world’s largest cryptocurrency by market capitalization reaching $19,000 for the first time since November 8th, and closing with a daily increase of 5.08%.
Aptos (APT) Price Prediction And Technical Analysis
The bullish trend of APT in recent days is evident in its 20- and 50-day EMAs, both of which are quickly converging at $4.6388 and $4.7090, respectively.
However, the Relative Strength Index (RSI) of 81.30 suggests that it may be overbought at the moment. This serves as a warning to traders to remain alert and monitor for signs of a reversal. For a more detailed analysis, investors should be keeping a close eye on every change in trading volume and price action to identify if there is volume confirmation.
The MACD indicator for APT points to an uptrend. The MACD line is currently at 0.04660, while the signal line is at 0.0997. The Histogram also shows positive values at 0.3663. This indicates a significant distance between the MACD and signal line.
APT is currently trading at $7.04, and is quickly approaching a significant resistance in the range of $7.1620 to $7.2234. If the resistance is not broken, there is strong support between $5.1847 and $5.3922. If APT can break through the resistance decisively, a move towards $10 seems possible.
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