• APT has mirrored Bitcoin’s ranging price action over the past month between $5 and $8.
• A strong bullish push was rejected by sellers, extending their dominance on the APT price chart.
• The lack of liquidity has seen APT fall into range-bound movement between $5 to $8 since 10 June.
Sellers Extend Control
APTos [APT] has mirrored Bitcoin’s [BTC] ranging price action over the past month, oscillating between a low of $5 and a high of $8. A strong bullish push was swiftly curtailed by sellers, extending their dominance on the APT price chart.
Lack of Liquidity
The lack of liquidity has seen APT fall into range-bound movement between $5 to $8 since 10 June. This is evidenced by flatlining On Balance Volume (OBV) indicator around 200 million mark over the same period and Relative Strength Index (RSI) dipping under neutral 50 as of press time.
Bullish Rebound Attempts Discouraged
Breaking the range-high barrier has proved too difficult for bulls and attempts at rallying have been discouraged by liquidations in the Futures Market. As such, traders can expect prices to go lower with profit levels at $5 – $6 price zone.
Will Support Level Yield Better Results?
With sellers holding an advantage in current market conditions, APT could extend its declining trend down to test support at the $5 level again. If bulls wish to see a sustained reversal from here they will need to cross the hurdle at the resistance level of around $8.
Conclusion
APTos [APT] bears have extended their control over recent weeks, leading prices lower toward potential profits at around the $5-$6 region. However, if bulls are able to break through resistance near the range-high then this could spark a more sustainable reversal in favor of buyers once again..