Aptos Eyes $6.20 as USD1 Stablecoin Launches

• After the launch of USD1 stablecoin on Aptos, APT is on a new price rally.
• Analyst Ali indicates that the next major resistance is at $6.20 and possible buying momentum at $3.80.
• RSI and MACD show that the momentum is declining, while the amount of trading volume on futures rises by 24% to $774 million.

Aptos is re-gathering following the market recovering intensely due to a new ecosystem update. Analysis shows that Aptos could test the $6.20 price level soon.

USD1 Stablecoin Launch

According to Aptos, USD1 stablecoin by World Liberty Financial is now available on its network. The USD1 is on a Move-based chain for the first time. Aptos referred to this as a step towards becoming the chain of choice in regards to stablecoins.

It was launched with the assistance of the Panora Exchange. This allows customers to bridge and exchange USD1 between chains simply. It enables Aptos to gain more superiority in the multi-chain DeFi ecosystem. Panora have stated that users can bridge USD1 or swap it at good rates.

Well‑defined Boundaries

According to Crypto analyst Ali (@ali_charts), APT is in a horizontal channel that is locked within specified limits. This analysis indicates that the main resistance of Aptos is at $6.20, and the primary support is near $3.80.

According to the chart provided by Ali, April Aptos has been trading within the range of $6.20 and $3.80, which represents a large trading range. Any attempt to go beyond $6.20 has failed, as it always declines. Also, it hasn’t dropped below $3.80. There’s always heavy purchase momentum around this region.

According to him, a price above $6.20 could be a key technical twist. This may begin a larger midterm upward trend. On the confirmation of a breakout through larger trading volume, APT may trade between $6.80 and $7.00. This correlates with previous liquidity clusters, which can be seen in the higher time intervals. 

Source: X

Also Read | Aptos Price Prediction: Can APT Sustain Momentum Toward $6.77 Target?

A Defined Structure

Technically, the latest price action of Aptos demonstrates an explicit trend. This is shown by the Fibonacci retracement lines and VWAP analysis. The 4-hour chart recorded a significant rally commencing at a low of $4.06 up to a recent high of around $5.65.

The Fib. retracement identifies the key support and resistance levels. Immediate resistance lies at the 0.236 level (about $5.27), while $5.65 and $6.20 are the other resistance levels present. The resistance at the $6.20 level is the same as the level provided by analyst Ali. 

Meanwhile, support levels can be found at $4.86 (the 0.5 retracement) and $4.67 (the 0.618 level). These are previous accumulation regions established in August and early September.

In the 4-hour chart, the VWAP (Volume Weighted Average Price) sits around $5.32, which is nearly the current price range. That is indicative of a balance between sellers and buyers and an indication that Aptos is leveling off before making the next price movement. 

Fib. and VAWP. Source: TradingView

A Cooling Phase

Momentum indicators show that Aptos is in a cooling period following its rapid recovery. RSI is approximately 51.9, compared to nearly 70 from the previous week. This suggests that APT has moved out of the overbought region, and the market can rebalance after which it will make another movement up. 

There is a mild convergence observed in the MACD. The blue MACD line is nearly flat above the signal line, indicating weak momentum. However, a bearish crossover is yet to occur.

This trend indicates a decent rest, especially on a strong upward movement from below $4.10 to higher than $5.30 within a few days. The reduction in momentum might assist the upcoming upward movement in case the trading volume remains high.

RSI and MACD. Source: TradingView

A Rise in Trading Volume

Coinglass reported that Aptos futures volume took a greater leap of over 24% and in the past 24 hours reached approximately $774,000,000. The spike coincided with a renewed rise in spot trading volume. Investors displayed optimism with respect to the stablecoin launch and cross-chain opportunities in the ecosystem.

Source: Coinglass

The short-term direction of APT will depend on its ability to remain above the $5.00 to $5.30 range. By moving above the $5.65 level, there is a possibility of moving further to a higher resistance level at $6.20. If sellers should take control, the price may drop to $4.80.

Nevertheless, buyers would likely intervene since that price zone had attracted massive purchase volumes in the past. Aptos trades just under $5.32 at the time of writing, which is around the VWAP and the 0.236 Fibonacci line.

Also Read | Aptos (APT) Price Surges as Bulls Target $6.18 After Bitwise ETF Proposal