Aptos Following SUI’s Lead? APT’s ‘Explosive Breakout’ Eyes $20
Aptos (APT) has surged 37.6% over the past two weeks, returning to first-quarter levels. Some market observers say the cryptocurrency’s recent performance has followed SUI’s lead, setting the stage for a sharp rebound to new all-time highs (ATH) in the coming weeks.
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Aptos will follow SUI steps
Aptos has performed well as the market has risen. After the US presidential election, the cryptocurrency climbed from the $7.8 mark to regaining the $11 support zone for the first time since the end of April.
According to some cryptocurrency analysts, APT’s chart shows a similar trajectory to SUI. Analyst Alex Clay point out APT’s performance “flawlessly followed the SUI steps,” suggesting a breakout may be imminent.
According to Clay’s post, Aptos’ chart shows the same price action as SUI, first falling from the 2023 highs and then rising to the March highs. Following its Q1 performance, the cryptocurrency retraced more than 70%, setting higher lows (HL) from last year’s bottom and rising to near the March highs.
However, Sui take the lead It is now in “price discovery mode” after surpassing its highest peak in March a month ago. The coin has broken through previous highs multiple times over the last month, hitting its latest ATH of $3.92 two days ago.
Accordingly, the analyst advises investors to “wait for APT to break out and discover price.” Another market observer previously noted that SUI and APT were on a “catch-up trade” path last year.
trader explained Cryptocurrencies followed a similar path before SUI’s two “decouplings.” After SUI took off, APT experienced a lag period of more than 40 days before resuming operations.
As of the time of the report, Aptos was still two weeks away from catching up with SUI, and it’s now in the midst of the post-election campaign. APT’s SUI-like breakout could see it break above the $18 mark and surge into price discovery territory above the $20 range.
APT targets $20
Cryptocurrency Analyst Quantum Highlight APT’s recent performance, claims it is “regaining dominance, making higher highs and higher lows.” He also noted that the coin’s chart showed “strong accumulation leading up to this explosive breakout.”
Last week, the coin surged more than 40% to reach a monthly high of $13.3, a level not seen in seven months. The cryptocurrency has since moved sideways, consolidating within the $11.5 to $12.6 price range, briefly losing the lower range as Bitcoin (BTC) retraced to $87,000.
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The $11 mark is a significant resistance level throughout the third quarter, and APT is rejected from this range multiple times. However, the coin has managed to stay above this level for 7 days.
As a result, analysts believe that current momentum could push Aptos to new highs, as the “next significant psychological and technical target” is the $20 mark.
As of this writing, APT is trading at $11.79, with a daily loss of 2.2%.
Featured image from Unsplash.com, chart from TradingView.com
