• Aptos [APT] has been stuck in a range formation since mid-June.
• Ahead of the Federal Open Market Committee (FOMC) meeting, traders should be cautious about potential volatility and liquidity hunts.
• Long positions have had more liquidations than shorts, indicating a bearish grip over the weekend.
Aptos [APT] Sideways Move Ahead of FOMC Meeting
Aptos continues to chalk a sideway structure ahead of the FOMC meeting scheduled for July 25/26. Historically, Fed rate decisions are marked with increased volatility and could influence Aptos’ [APT] price action.
Price Range Formation
Since mid-June, APT has been stuck in range formation between $6.99 – $7.97. If the hawkish stance is confirmed at the FOMC meeting, more losses could be on the cards.
Indicators Suggest Bullish Leverage
The price chart indicators illustrated the bulls’ leverage in the current range formation, with Relative Strength Index above neutral level and On Balance Volume edging higher.
Long Positions Discouraged
Based on liquidations data, >$50k worth of long positions were wrecked at the time of writing on the 4-hour timeframe while shorts suffered only $24k worth of liquidations.
Conclusion
It is worth tracking the Fed decision and Bitcoin’s [BTC] price action to better understand how APT could move after this week’s event risk.