The Aptos (APT) token crossed above the $5.5 resistance level after 2 months of dwelling in the bears’ strangle hold. Supported by fundamental and technical factors the token once again reached above $5 level.
Capturing the 35th position among the top crypto by market cap, APT is currently trading at $5.43 after gaining about 28% during the past week. Since the last week of September, the token has been rising in value and reaching higher altitudes. APT rose from as low as $3.9 to over $5 within just a week.
On the daily, APT was trading inside the falling wedge, making lower highs and lower lows before breaking out and reaching above $5.3. Despite gaining value, APT is not yet done with the break out spike. Technically, if APT follows a conventional breakout, the token should gain value by the height of the falling wedge at its widest part. A conventional spike which is as big as the height of the wedge should see APT reaching further higher at $6.
However, before APT could complete the follow through of the breakout, met with resistance at $5.4. Thanks to the 200-day MA a reliable support zone, which helped APT price from falling after being rejected at the resistance. If the token is to reach $6, APT bulls will need to defend the support level at the 200-day EMA at $5.16.
On the technically front, the 50-day MA is approaching the 200-day MA from below and a bullish Golden Cross could happen. When a Golden Cross happens, the prices surge drastically and there is every chance that APT could hit $6.
Fundamentally, the APT prices appreciated after getting a boost from the integration of Backpack wallet. Once integrated, user can swap, bridge and collect. This integration is a deeper level of connection between Backpack and APT, after the token was listed on the Backpack trading platform.
