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Following the market’s recent corrections, Aptos (APT) has revisited the lows of its Macro Range, hitting a six-month low at the start of February. According to an analyst, the cryptocurrency’s recovery and ongoing retests of this crucial level could lead to a rebound in the following months.
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Aptos Recovers From 6-Month Low
Aptos has recovered 24% from the recent market correction, which sent Bitcoin to $91,000 and most cryptocurrencies to monthly lows. On Sunday, the token briefly nosedived 34% from its daily high above $7 to its lowest price since August 2024.
Market watcher Daan Crypto Trades noted that APT has been moving within two horizontal levels since its launch. The higher horizontal level ranges from $15 to $17, while the lower zone ranges from around $4.80 to $5.45.
During the pullback, Aptos “didn’t quite sweep the August lows” but “held on to that same ~$5 area again,” Daan pointed out.
Similarly, Crypto Analyst Rekt Capital analyzed the cryptocurrency’s recent performance, explaining that “APT has now dropped into the Macro Wedge Bottom, holding support there while producing downside wicking below it.”
APT’s Macro Wedge Bottom is also the “technical uptrend line dating to early 2023,” which is crucial to maintaining the technical uptrend and the macro market structure in general. Rekt Capital suggests that the cryptocurrency must print Weekly Closed above this line, at around $5.97.
However, he noted that, in the monthly timeframe, APT appears to be in a Macro Range. The analyst explains that, in this Macro Range, APT seems to be developing a third cluster, but the price needs to hold the crucial $5.45 support zone to maintain this range and rebound.
If the cryptocurrency holds continued stability above this level, it could reverse in the following months, as previous clusters saw “several after three monthly candles at the Range Low.”
However, the price could see several retests before a rebound. He pointed out that the previous consolidations included a “downside wicking below support.”
APT To Breakout In Three Months?
If Aptos reverses, its price must break its 11-month downtrend. According to Rekt Capital’s analysis, a rejection from the downtrend line, followed by a drop to the Range Low, could “spell that the rebounds from the Macro Range Low are getting weaker, signaling weakening support there.”
As a result, APT needs a strong rebound from this Macro Range Low “to go against the diminishing returns” that seem to be developing from this range.
The 2023 rebound saw Aptos bounce 211% from the range lows before facing resistance near ATH levels, while 2024’s price rebound recorded a 145% jump before retracing from the $13 mark.
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This suggests a potential diminishing in returns from the range low, signaling that Aptos must climb 95%, above the $11 resistance, to break out of the downtrend line.
The analysis concluded that price stability at $5.45 is vital for the cryptocurrency’s rally, and a Monthly Close above this level is necessary for a future price rebound and retest of the downtrend.
As of this writing, APT trades at $5.74, a 23% decrease in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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