• Aptos has had a strong rally in recent hours, with the OBV and Open Interest signaling strong demand.
• The price action of Aptos is similar to that of Ethereum a few days ago, pushing past the range highs and a bearish order block.
• There are risks for buyers, but if the current momentum continues, it could reach a $10 target.
Aptos Breaks Out Past Range Highs
Aptos has experienced a strong rally in recent hours that was accompanied by an increase in both its On-Balance Volume (OBV) and Open Interest (OI). This signals strong demand from buyers and positive sentiment towards APT. Furthermore, this surge has pushed past the range highs at $8.8 on high trading volume, indicating confidence from buyers in pushing up prices further.
Similar To Ethereum Price Action
The pattern of Aptos‘ price movement is reminiscent of Ethereum’s breakout just days before. ETH broke out past the range highs and a bearish order block which was then tested as bullish breaker afterwards. This suggests that it may be possible for APT to push up to $10 if the current momentum continues.
Risks For Buyers
Despite signs of bullishness for Aptos buyers, there are some risks associated with investing at this time due to Bitcoin’s weak performance on charts recently. Additionally, an FVG from 8 May could indicate a brief reversal back down towards either $8.2 or $8.6 before another move upwards occurs again.
Open Interest And Short Liquidations Push Momentum
The rise in Open Interest indicates strong bullish sentiment in the market while short liquidations add further strength to this momentum as liquidated bears are forced to buy assets at market price again to close their positions, adding further buying pressure up northwards towards the next resistance level at around $10 per APT token today
It appears that Aptos may continue rising if current trends persist despite some lingering risks for buyers due to Bitcoin’s weak performance on charts recently as well as potential reversals back down near support levels such as H4 bullish order blocks or FVG from 8 May before continuing its upward trend once more .