It looks like Aptos (APT) price has completed its correction and might have started a new movement to the upside.
Since hitting an all-time high of $20.40 on January 26, Aptos price had fallen below a descending resistance line. Due to this decrease, a low of $9.70 was reached on 10 March.
Later, the digital asset bounced higher, validating the 0.618 Fibonacci retracement support level at $9.65. This was followed by a breakout on March 13, with the RSI also rising above 50 (green icon) during the next 24 hours.
Despite the breakout, APT token price is struggling to move above the $13.60 resistance area. If there is a successful move above it, the price could accelerate towards the next resistance at $16.30.
However, if there is another rejection at $9.65, Aptos price could decline towards the 0.618 Fib retracement support.
Wave count supports a continuation of the increase
Since the beginning of the year, APT has completed a five-wave upward move and an ABC correction. The bounce at the 0.618 Fib, the roughly 1:1 ratio of A and C waves, and the resistance line breakout all support this possibility.
If true, APT price has now started a new five-wave upward momentum that will take it to a new all-time high and towards $22. A close above $16.30 would confirm this.
However, a decline below the C wave low at $9.70 (red line) will invalidate this possibility. In that case, APT price could decline towards the $7.80 support area.
To conclude, the most likely APT price forecast is a continuation to at least a new all-time high and possibly a move towards $22. A drop below $9.70 would invalidate it. In that case, the price could drop to $7.80.
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