APT hits six-month high as God candle forms, rally expected to continue

APT achieved the top gainer position on October 22 amidst a rise in the total value locked in the protocol.

Aptos (APT) reached a daily high of $11.13, up 9% in the last 24 hours. The market capitalization exceeded $5.7 billion and the daily trading volume exceeded $597 million.

The price rise comes after the altcoin broke out of the narrow trading range between $9.7 and $10.1 in which it has traded over the past 5 days. A god candle formed on the APT chart during the early trading hours of October 22, pushing the price from $10.10 to $11.12.

Several recent partnerships and developments have helped accelerate this rise.

First, Aptos integrated with Echo Protocol, a decentralized finance platform, on October 21, bringing the total value locked on Aptos to $150 million. The integration allows Echo protocol users to earn up to 10% returns on APT, further expanding the altcoin’s use cases.

According to data from DeFi Llama, Aptos’ TVL is currently at an all-time high of $2.15 billion, making it the 7th largest blockchain in the DeFi industry, compared to its rival Sui with a TVL of $1.64 billion. It leaves behind (SUI).

Moreover, Aptos became the center of attention after announcing a strategic partnership with crypto exchange MEXC. This collaboration will include joint initiatives aimed at promoting APT through a series of events.

These developments revived the interest of traders. According to CoinGlass data, open positions in the futures market increased from $213.9 million to $274 million in the last 24 hours, reaching the highest level in six months. Such a sharp rise shows that investors expect the rise to continue in the short term.

The community sentiment metric on CoinMarketCap also signaled a similar outlook; The majority of traders claimed to be bullish.

Technical indicators give an upward signal

At X, analyst AMCrypto observed that Aptos is forming a bullish flag pattern, supported by increasing TVL, increase in daily active users, and smart money quietly accumulating tokens. These factors point to strong fundamentals and technical momentum, positioning Aptos for a potential breakout to new all-time highs in Q4.

According to the chart shared by the analyst, a break above the $10.50 resistance level will confirm the bull flag. At the time of this writing, APT had already surpassed this level and its price was $10.96. Therefore, APT may be rising towards its short-term price target around $12.50 as estimated by AMCrypto.

APT price, 50-day SMA and 200-day SMA chart | Source: crypto.news

On the 1D APT/USDT chart, the 50-day moving average crossed the 200-day Moving Average, leading to the formation of a golden cross; This is a sign of a major upward trend in technical analysis.

APT Bollinger Bands and RSI chart | Source: crypto.news

In addition, the Relative Strength Index has been above the neutral position since September 18, indicating that investors’ interest continues and supporting the general bullish narrative.

As the bulls continue to maintain control and the recent golden cross points to a long-term uptrend, APT could move towards higher resistance levels and the next target could potentially be around $11.08 marked by the upper Bollinger Band.