Aptos (APT) Price Approaching Resistance at $6.53 Ahead of Bitwise's APT ETF Launch (CoinChapter.com)

Aptos (APT) has been trading between $5.63 and $6.53 for the past four weeks, showing limited movement. The market has remained volatile, keeping traders cautious.

YEREVAN (CoinChapter.com) – Aptos (APT) has been trading sideways for the past four weeks, moving in a limited range of $5.63 to $6.53. The market has remained volatile throughout this period, rendering traders cautious in their positions.

Many traders have favored short positions over long ones, putting pressure on Aptos price to decline. However, recent developments, including Bitwise’s filing for an APT ETF and the MACD indicator showing a shift in momentum, could influence traders to become less bearish.

Aptos ETF filing brings institutional attention

The filing for an Aptos ETF by Bitwise has brought institutional attention to the cryptocurrency. Over the past month, traders have had a bearish bias, as indicated by the funding rate, which shows a preference for short positions.

Moreover, selling pressure has been stronger than buying pressure, evidenced by the total market volume on derivatives exchanges. This persistent selling pressure has kept Aptos price from breaking out of its consolidation phase.

However, with institutions entering the scene through an ETF, we can expect increased market activity. If the shift in sentiment continues, and traders begin to favor long positions more, it could affect the cryptocurrency’s price movement.

MACD indicator shows shift in Aptos momentum

The MACD indicator shows decreasing bearish momentum after last week’s reading went down. This shift is evident in the MACD line moving toward the neutral zone from bearish territory.

The decreasing bearish momentum signals that Aptos price action may be gaining strength. A continued upward trend in the MACD could indicate a potential breakout past the $6.53 resistance level.

However, if the MACD line moves back into bearish territory, it could indicate a return of selling pressure, which may affect trading volumes and market positioning.

Aptos price approaching resistance

In the past 24 hours, Aptos has recorded an 8% increase, indicating a slight rise in trading activity. Despite this, Aptos price remains within the $5.63 to $6.53 range.

Breaking above $6.53 could indicate that the consolidation period has ended. If buying pressure intensifies, Aptos price may then target $7.20.

However, a failure to break through the resistance level might keep Aptos price contained within its current range. If Aptos price drops below $5.63, it may decline further toward $4.96.

The next few sessions will be crucial in determining whether Aptos price movement follows a bullish or bearish trajectory.