Could Aptos Be The Next Cryptocurrency To Explode In October?

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Could Aptos Be The Next Cryptocurrency To Explode In October?
The weighted sentiment curve has entered the bullish territory indicating a renewed investor confidence.
The daily chart highlights a breakout of a long three month consolidation preparing Aptos for a rally.

Following the broader market optimism, Aptos (APT) also kicked off from the bottom and has broken out of a consolidation phase. With just few days remaining in September, Aptos is back on track for some explosive move in the upcoming session.

Over the past week, Aptos has witnessed a 35.58% gain triggering a breakout of a long three month consolidation phase. At the time of writing, Aptos was trading close to $8.07 recording a mild intraday loss of 0.97%.

Moreover, the inflow from derivatives segment has seen a surge with the weighted sentiment turning positive has sparked speculation of a strong move in Aptos. On the positive side, Aptos price could reach as high as $10. But how realistic is the projection?
Aptos Sees Uptick in Demand: Will It Continue?
Over the past week, the transaction volume has surged from $73 Million to $286 Million. This represents a volume growth of nearly 400% a week indicating a heightened demand. the volume to market ratio has surged to 6.08% indicating mild volatility.

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Furthermore, the positive sentiments have surged in the recent sessions due to which the weighted sentiment curve has entered the bullish territory. The weighted sentiment curve reflects a combined biasness of the investors whether they ae bullish or bearish over Aptos at the moment.

As per Santiment, the recent sessions saw a shift of weighted sentiment curve from bearish to bullish indicating a positive outlook ahead.

Additionally, the open interest of Aptos has surged from $75 Million to $121 Million indicating a growth of 61% over the week. A 60% rise in the OI data shows that the derivatives traders have also played a significant role in the breakout of Aptos.

Aptos Price Analysis: Is $10 Level The Next Stop?
A closer at the previous price action shows that Aptos had been in a correction phase since mid April and has dropped by over 65% till July 2024. However, Aptos did not lose much in the last three months and stayed in a consolidation zone.

The recent sessions have noted a breakout of a consolidation zone flipping the recent resistance of $7.5 level into a support one. Over the daily chart, Aptos has made breakout of key 200 day Exponential moving average shifting long term narrative to the bullish side.

The short term trend outlook is also bullish which may attract the investors. On the higher side, Aptos price may continue to rise till the next supply of $10.2 indicating a potential gain of 25% from the CMP. However, it requires addition of buying volumes at the lows.

At the time of writing, the RSI line was placed close to 68.36 points and that of the 14 day SMA line was placed close to 57.3 points. Both the RSI and SMA line were placed above the mean line indicating a bullish territory. Also, a golden crossover between both the lines can be clearly observed indicating a trend continuation at the moment.