Amid the recent market retrace, Aptos (APT) has experienced an 8% decline over the past 24 hours, falling below a significant support zone for the second time this week. Despite this correction, several analysts suggest that the cryptocurrency could be on the verge of a breakout soon.
Aptos Loses Macro Range Lows
During the market retraces witnessed in March, Aptos dipped below a crucial support level for the first time since August 2024, but managed to recover 24% by month-end. However, following the broader market trend, APT saw a steep 11% decline, closing March below key levels.
Analyst Rekt Capital noted that APT ended last month beneath its Macro Range Low of $5.44 for the first time. The cryptocurrency has been trading within a price range of $5.45-$17 since 2023, having retested the range lows twice prior to this instance.
Historically, APT has shown tendencies to establish bases in this price range through downside wicks over three-month periods, and it appears to be forming a third base. Notably, it has closed below this range for the first time this monthly timeframe.
For Aptos to alter its course, it must reclaim the $5.44 level as support to prevent a bearish retest and salvage its position. Earlier, analysts suggested that maintaining this level could revert APT’s price action, much like previous instances in its history.
In further analysis, Rekt Capital emphasized that APT’s daily bullish divergence remains a critical factor to monitor. Despite recent declines, the cryptocurrency’s Relative Strength Index (RSI) has continued to form higher lows, signaling a potential transitional phase from lower to higher lows.
According to the analyst, the development of a clear market structure could lead to a breakout that would validate the bullish divergence, paving the way for the reclaim of the Macro Range Low at $5.44, a vital marker for a potential bullish rally.
Could APT Reclaim $6.5 Resistance?
Analyst Sjuul from AltCryptoGems pointed out Aptos’ resilience amid market turmoil, particularly as Bitcoin (BTC) experienced a decline from $88,000 to $81,000 within 24 hours. During this time, APT fell from $5.40 to $4.95 support.
Sjuul suggested a possible retest of the local range lows might be necessary before Aptos targets the next key level, as the current price zone has faced several tests. Reclaiming the $5.44 range could potentially spur APT to surge another 20% towards the $6.5 resistance lost two months ago.
Another market observer indicated that Aptos could exhibit potential for a bullish breakout as it trades within a descending channel. Since early February, the cryptocurrency has been trading within this channel, consistently testing both the lower and upper boundaries throughout March. A break above the upper resistance may signal a significant rally.
As of this writing, Aptos is trading at $5.02, reflecting a 16.1% decline over the weekly timeframe.
