Aptos’ Open Interest chart has been rising since 9 October, and combined with APT’s bounce to $5 in recent days, a short-term bullish sentiment was evident.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.that are aimed at narrowing the gap between fans and merchandise. This could aid the efforts toward mass adoption and persuade more users to join the network.
The market structure of APT on the daily chart was bearish. A set of Fibonacci retracement levels were plotted based on the late August drop from $5.99 to $4.89. The 78.6% retracement level at $5.75 was tested twice in September. It has confluence with the mid-August former support that was since flipped to support and the bearish OB.
In the coming days, the $5.2-$5.37 region’s retest could allow short sellers to enter the Aptos market. Bearish targets include $4.63 and $4.21 to the south. Meanwhile, a move above $5.4 would flip the structure bullishly.The Open Interest chart has been rising since 9 October. APT also saw a minor move higher from $4.7 to $5 that began on 12 October. Together the OI and price signaled short-term bullish sentiment in the market.
Yet the spot CVD has trended downward since late September. Moreover, the funding rate has been negative over the past two weeks to show dominant bears. The lack of reaction on the spot CVD suggested the bullish exhaustion.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.