fell 2.4% to $1.69 on below-average volume, significantly underperforming the broader crypto market.
The market’s broadest gauge, the CoinDesk 20 Index (CD20), was up 0.5% at press time.
This relative weakness against major cryptocurrencies indicates selective investor caution toward APT, according to CoinDesk Research’s technical analysis model.
The model showed that the token decreased from $1.73 to $1.69 over the 24-hour period, establishing a volatile range-bound pattern with a total range of $0.09.
The most significant volume event occurred this morning with an exceptional volume of 12.2 million tokens, 214% above the 24-hour moving average, confirming strong resistance near $1.75, according to the model.
According to the model, the price action showed consolidation within a tight channel after the initial drop, with momentum slowing as volume normalizes after rejection of large volume.
APT’s decline is due to tepid trading activity, with 24-hour volume 31% above its 7-day average, but not reaching significant threshold levels.
Technical analysis:
- Primary support was established at the psychological level of $1.68-$1.69, with major resistance confirmed at $1.75 following a high volume rejection.
- The high volume of 12.17 million (214% above the SMA) confirms the failure of the resistance, while the recent recovery shows accelerated volume above the breakout level of $1,695.
- Range-bound consolidation within the $0.09 channel after the initial drop, with 60-minute charts showing a bullish recovery pattern.
- Immediate bullish target at the $1.70-$1.705 resistance group, with broader range highs near $1.75 representing the next major test.
- Technical indicators are showing overwhelming bearish signals on all time frames.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
