Aptos Analysis: Price hits 7-month ATH, 94% upside potential

APT, the Aptos Blockchain Layer 1 Governance Token, has seen a 17% increase in the past 24 hours. It is currently trading at $10.05, making it the leader among the top 100 cryptocurrencies by market capitalization during that period.

With continuous buying pressure, APT is well-positioned to continue the uptrend. If it successfully breaks above a key long-term resistance level, the path will be clear for a double-digit price increase.

APT is the center of attention

At the time of writing, the Aroon Up Line has reached 100%, confirming the strength of the uptrend. The Aroon indicator, which measures the direction and strength of a trend, shows a 100% reading when the asset has recently reached a new high. This is the case with APT, currently trading at $10.05, the highest level in the past seven months.

An Aroon reading of 100% is considered a strong bullish signal, indicating a powerful uptrend. Traders view this as a confirmation of the uptrend, suggesting that buyers are in control and the price is likely to continue rising in the short term.

Additionally, the Parabolic Stop and Reverse (SAR) indicator also supports this bullish sentiment. At the time of writing, the indicator's dots, which signal the trend direction and potential reversal points, are still below the price of APT. When the Parabolic SAR dots are below the price of an asset, it indicates that the asset is under bullish pressure and the trend is upward. Traders interpret this as a buy signal and an opportunity to exit short positions.

According to the Funding Rate of APT, many of its futures traders are aligned with this bullish strategy. At the time of writing, the Funding Rate for this token is positive at 0.012%. When the Funding Rate of an asset is positive, many traders expect the price to continue rising, increasing the demand for long positions.

APT Price Forecast: Potential for a 94% Increase

If the APT price maintains this uptrend, it will break above a long-term resistance level, which it is currently trading below. A successful breakout above this level would position APT to increase by 94%, reaching $19.35, the high it touched in March.

However, if profit-taking activity increases and buying pressure decreases, the APT price could lose its recent gains. It could trade down to $7.54 and potentially drop to the August 5th low of $4.32.

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