Aptos [APT]: Bulls focus on key supply zone, but there are crucial hurdles ahead

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Aptos’ [APT] market structure has placed investors in a tricky position. The weekly chart formed a bullish flag that could offer extra gains. However, the daily chart faced crucial obstacles that must be cleared before investors could enjoy more profits. 

Read Aptos’ [APT] Price Prediction 2023-24

Source: APT/USDT on TradingView

APT faced several price rejections in the $20 zone between mid-January and early February. The last price action in the zone ended up in a bearish order block that set APT into a correction. It plunged over 25% before hitting a critical demand zone (green). 

As a result, the $20 zone became a critical sell pressure zone on the daily chart. Interestingly, APT’s market structure was bullish on weekly, daily, and lower timeframe charts at press time. Notably, it chalked a bullish flag on the weekly chart, indicating APT could hit $23.66 if bulls overcome the sell pressure zone. That would be another 25% hike in the next few weeks or months. 

However, the bulls must clear the obstacles at $16.1736, $16.7694, and $17.7537 to reach the $20 supply zone. Weak hands could cash out at these levels, but diamond hands could aim at the $20 zone or $23.66. 

The above bullish bias will be invalidated if APT breaks below the demand zone of $12.000. Bulls could place stop losses for long entry positions below $12.000. But such a downswing could aim at the bearish target of $8.1655. The downtrend could offer shorting opportunities at $9.8155. 

How much are 1,10,100 APTs worth today ?

Source: Coinglass

APT’s open interest rate (OI) declined gradually from the