- Analyst Alan Santana predicts one final strong drop for Aptos before a market rebound occurs.
- Two months of consolidation suggest Aptos could hold key support during the upcoming market shift.
Alan Santana, a famous crypto analyst, has published an analysis on TradingView that offers light on the future trajectory of the Aptos token, APT.
Santana claims that Aptos most certainly finished its last upward movement and that October 22 marks a noteworthy occurrence. This date marks the end of the wave and suggests an approaching decline by the development of a long upper wick.
Santana said this kind of trend usually results from the market getting ready for a major change. “Every time a wave reaches its end, there usually is one final shakeout, a strong wick, or something unusual to complete the move,” he observed in his research.
Support Levels Under Pressure as Traders Behavior Shapes The Aptos Next Move
As reflected by a dip in price right after October 22 and changing volume levels, the fall is already in motion. Santana also points out that APT had a similar wick in August, where the stock briefly dropped below a crucial support level but closed higher finally.
This history of great support implies that the present level, which has maintained for more than two months, could be able to resist the next downtrend.
The analyst cautioned, though, that under continuous pressure the support can still break. “If the mark is truly weak, it can break, but this would call for multiple challenges of support. Given our expected quick drop, this is most certainly our low,” he said.
Santana also underlined the behavior of traders as another important element. The degree of activity of leveraged traders and purchasers would affect the dynamics of the market. Should too many traders enter the market rapidly, automated trading algorithms may respond by keeping asset sales off target.
APT might rebound quickly, though, if traders re-enter holdings more gradually. Though there are unknowns, Santana anticipates just one further steep decline before the market recovers.
Meanwhile, APT is trading about $9.14 at the time of writing, up 1.78% over the last 24 hours and by 8.61% over the last 30 days.
On the other hand, as we previously reported on CNF, Aptos had earlier attracted interest because of the hype around a collaboration between former BlackPink member Rose and international singer Bruno Mars on their new single “APT,” which helped to explain the token’s prior price surge.
