Aptos' APT token rallied more than 4% on significant volume, with momentum indicators suggesting more potential upside, according to CoinDesk Research's technical analysis model.
The digital asset broke out of its consolidation phase between $4.65-$4.73, establishing strong support at $4.73 before pushing through previous resistance levels to establish a new local high, according to the model.
The token is currently 2.6% higher, trading around $4.86.
The broader market gauge, the CoinDesk CD20 was 1.75% higher at publication time.
Technical Analysis:
- APT rallied from $4.65 to $4.85, representing a 4.3% gain with significant volume confirmation.
- Price formed a clear consolidation pattern between $4.65-$4.73 before experiencing a decisive breakout at 09:00 with volume nearly doubling the 24-hour average.
- Strong support established at $4.73 with subsequent price action forming an ascending channel with resistance at $4.85.
- Substantial volume spike during the 16:00 candle (884,397 units) confirmed buyer conviction as APT pushed through previous resistance levels.
- Price formed a distinct pattern of higher lows while encountering resistance at $4.85, which was breached during the 20:01 candle with significant volume (10,126 units).
- Key technical development occurred at when price surged from $4.84 to $4.85 with strong volume confirmation (9,094 units).
- Support at $4.84 held through subsequent retests, with final minutes showing decisive momentum suggesting potential continuation of the uptrend.
News source: Aptos' APT Gains 4% on Significant Volume, Has More Potential Upside
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