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Aptos (APT) Forms Bullish Flag Pattern on Daily Chart; Is Breakout Imminent?

Wed, 04/05/2023 - 16:02
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Tomiwabold Olajide
Aptos (APT) bullish flag formation suggests upcoming move
Aptos (APT) Forms Bullish Flag Pattern on Daily Chart; Is Breakout Imminent?
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Crypto analyst Ali has spotted an interesting pattern on the Aptos/USD daily chart. He notes that Aptos has formed a bull flag on its daily chart.

The bull flag chart pattern appears as a downward-sloping channel/rectangle depicted by two parallel trendlines that run against the prevailing trend. A "bull flag" is a bullish chart pattern formed by two rallies separated by a short consolidating retracement phase.

With this said, the Aptos (APT) price could be in the process of beginning larger upward movement. However, the determinant lies in its moving average of 50 and 100.

According to Ali, "The 50 MA and 100 MA could be used to determine if APT is poised to break out or bound for a correction."

In this case, a sustained daily close above the moving average, or MA 50, would be bullish. On the other hand, a sustained daily close below the moving average, or MA 100, would be bearish.

Aptos (APT): Here's What Contributed to Recent Price Move

Shortly after reaching all-time highs of $20.39 on Jan. 30, 2023, Aptos steadily declined to reach lows of $9.72 on March 10.

A rebound was initiated before bulls ran into a barrier slightly above the daily MA 50 at $14.68. Aptos continues to trade below this key level as its price persists in a sloping channel, hence the appearance of a bullish flag.

At the time of writing, the APT token of the Aptos blockchain was down 1.35% in the last 24 hours, at $11.31.

In late March, Aptos made its debut in Hollywood. The Aptos team announced that it would bring movies to the Web3 era with Free Renfield the Game, based on the horror-comedy Renfield. It teamed up with NBC Universal for this, wishing to pull "fans deeper into Dracula’s universe."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.