Cryptocurrency Aptos (APT) has held well as it undergoes a normal correction from the recent all-time high of $20.40 on January 26th to the local low of $12.346 on February 13th. Aptos is currently trading at around $12.97, indicating a 36.5% drop from the all-time high.
$12 Could Hold for Aptos and Propel it Back to $20
A look at the 6-hour APT/USDT chart below, courtesy of Tradingview, reveals that Aptos has adequate support at the $12 price area that coincides with the position of the 200-moving average (green) on the same time frame.
Aptos is yet to reach $12, but Bitcoin’s apparent weakness after it dropped from the crucial $25k level to $24k could facilitate the additional losses to this price level as the weekly and monthly close inches closer for the crypto markets.
However, the 6-hour MFI (green) and RSI (Red) on the 6-hour APT/USDT chart hint that Aptos could be gearing up for a bounce that could propel it towards the $20 price area once Bitcoin’s short-term fate is known.
Therefore, caution is advised going long on Aptos as Bitcoin could end up revisiting the upper $23k price levels once the $24k support level is exhausted.
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