Aptos Price Pumps 86% to $7 - Why This Coin is a Buy And Can Hit $10 Soon
Aptos (APT) saw significant gains on Thursday, January 12, following the release of U.S. Consumer Price Index (CPI) data. The data, which showed a modest retreat in inflation, has caused traders to bet on a potential cooldown in U.S. inflation.
This led to a rally causing APT to close at $6.4632 with a massive 21.89% gain after consolidating for three days above its previous range resistance and now a turned support area of $5.1847 to $5.3922. As of writing, APT is up 36% in the past 24 hours and a massive 87.99% for the week.
The release of U.S. CPI data has also led to a surge in Bitcoin, with the world's largest digital currency by market cap climbing above $19,000 for the first time since November 8 and eventually closing with a 5.08% daily gain.
APT's recent bullish momentum is evident from the cryptocurrency's 20-day and 50-day EMAs quickly approaching each other at $4.6388 and $4.7090 respectively.
APT's Relative Strength Index (RSI) of 81.30 suggests that it may be overbought now, however--a warning for traders to stay vigilant and watch out for signs of a potential reversal. To obtain a more thorough analysis, investors must closely monitor all movements in the price action and trading volume so they can detect whether a confirmation from volume holds up.
The MACD indicator for APT also points toward a bullish trend. The MACD line is currently at 0.4660, while the signal line is at 0.0997. The histogram is also positive at 0.3663, which indicates a significant distance between the MACD and the signal line.
APT is currently trading at $7.04 and rapidly approaching the significant resistance in the range of $7.1620 to $7.2234. If the resistance is not broken, there is a strong support level between $5.1847 to $5.3922.
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