Aptos Drops 8% in 24 Hours, Analysts Eye Potential Breakout

Aptos (APT) has experienced an 8% decline in the past 24 hours, falling below a key support zone for the second time this week. Despite this correction, some analysts believe that the cryptocurrency could be on the verge of a significant breakout.

During the March retraces, Aptos fell below a crucial support level for the first time since August 2024 but recovered 24% near the end of the month. However, APT followed the broader market trend and dropped 11% to close March below key levels. Analyst Rekt Capital noted that APT closed last month below its Macro Range Low of $5.44 for the first time. The cryptocurrency has been trading within the $5.45-$17 price range since 2023, retesting the range lows two times before.

Historically, APT tends to develop bases in the form of downside wicks for three-month periods. The cryptocurrency seems to be developing a third three-month base, with the difference that it has closed below this range for the first time in the monthly timeframe. Following this performance, Aptos will need to reclaim the $5.44 level as support to end this Monthly close as a downside deviation and avoid a bearish retest.

Previously, the analyst suggested that holding this level could reverse APT’s price action in the coming months, as it has done with other clusters. Additionally, he pointed out that previous consolidations included a downside wicking below support. In his recent analysis, Rekt Capital considers that APT’s daily bullish divergence is still worth watching as the cryptocurrency’s Relative Strength Index (RSI) continues to form Higher Lows despite the recent downside deviation, and its price is trying to transition away from Lower Lows into a new Higher Low.

According to the analyst, a clear market structure is developing, and a breakout from it would validate the Bull Div and set APT up for a reclaim of the Macro Range Low of $5.44, which is key for a bullish rally. Analyst Sjuul from AltCryptoGems highlighted Aptos’ strength amid market volatility, which saw Bitcoin (BTC) drop from $88,000 to $81,000 in the past 24 hours. APT dropped from the $5.40 mark to the $4.95 support.

The analyst considers that a retest of the local range lows could be necessary before the cryptocurrency aims for the next crucial level, as the current price zone has been tested many times. Moreover, a reclaim of the $5.44 range could see the APT surge another 20% to the $6.5 resistance lost two months ago. Another market watcher suggested that Aptos is showing potential for a bullish breakout as it trades within a descending channel.

Per the chart, the cryptocurrency has been trading within a descending channel since early February, testing the channel’s lower and upper boundaries throughout March. After testing the lower trendline, it may be finding support, and a break above the upper resistance will signal a significant rally. As of this writing, Aptos trades at $5.02, a 16.1% decline in the weekly timeframe.