Aptos price chart pattern points to a 42% jump

Fast-growing Layer-2 network Aptos has rebounded over the past four months, with technical indicators pointing to a potential 120% upside.

Aptos (APT) reached $13.60 on December 12, marking a 215% increase from its low in August this year.

This recovery occurred as Bitcoin (BTC) and other altcoins experienced significant recoveries. The Altcoin Season Index surpassed 70 as Bitcoin established a strong floor price of $100,000. Altcoins like Aptos tend to perform well during Bitcoin’s strong uptrends as investors often look for cheaper alternatives.

The data also shows that developer interest in Aptos is growing. Its total value (TVL) in the decentralized finance sector has increased from $121 million in January to over $1.245 billion.

Key players in the Aptos DeFi ecosystem include dApps such as Aries Markets, Amnis Finance, Echelon Market, and Cellana Finance.

Additionally, Aptos has accumulated $321 million worth of stablecoins, which continues to grow.

Aptos is also gaining market share in the decentralized exchange industry. DEX protocols in its ecosystem have processed over $10.2 billion in volume since its inception. DEX volume has increased 26% in the last seven days to over $349 million, making it the 13th largest player in the industry.

Crypto analysts believe Aptos has somewhere to go and many compare Aptos to Sui (SUI). Sui has become a $13.8 billion coin. In an X post, the Man of Bitcoin predicted that Aptos would soon jump to $16.30.

Aptos price is trending higher on Aptos price chart | source: crypto.news

The daily chart shows that APT has made a strong move since its bottom at $4.30 in August. During this period, the price continuously formed higher highs and higher lows.

Aptos also exhibited a “break and retest” pattern with a pullback to $10.40, which is in line with the April 21 high and the 38.2% Fibonacci retracement level.

Moreover, the price is gradually forming a bullish “cup and handle” formation, characterized by a rounded bottom. The top edge of the cup is $19.30. If this pattern continues, Aptos is likely to reach the upper edge, representing a 42% increase from its current level. By measuring the depth of the cup, analysts predict that the Aptos price may subsequently rise to $27.