Aptos Price Set for Breakout as Bitwise Registers for APT ETF

Aptos (APT) has spent the past month consolidating within a tight range, with its price bouncing between $5.63 and $6.53. This stagnation has been primarily driven by broader market volatility, leaving traders uncertain about the token’s direction. 

However, recent developments, such as Bitwise’s filing for an APT ETF, could provide the spark necessary for a breakout, potentially sending Aptos’ price to new highs.

Aptos Could Find Institutional Interest

For most of the month, traders have expressed skepticism about Aptos’s price action. The prevailing sentiment has led to a dominance of short contracts over long ones, as evident in the funding rate, which reflects the overall bearish sentiment. As traders continued to place shorts, the pressure on APT to break free from its consolidation mounted. However, the recent filing for an APT ETF by Bitwise has shifted the market sentiment slightly, bringing new optimism and hinting at the potential for a price rise.

The shift in sentiment could help fuel a more bullish outlook for APT. With the ETF filing increasing institutional interest in the token, investors may start seeing more value in long positions, especially if Aptos can break free from its months-long consolidation pattern. This development could lead to increased confidence, further fueling buying activity and driving the price upwards.

Aptos’ macro momentum is beginning to show signs of improvement, driven in part by the rising bullish momentum observed in the MACD indicator. After experiencing a slight dip last week, the MACD is now showing a resurgence in upward momentum, which could provide the catalyst needed for a breakout. If the MACD continues to trend higher, it will likely support the potential for Aptos to break through resistance levels and push toward a rally.

Technical indicators suggest that the shift in sentiment and momentum could set the stage for a significant price movement. The combination of improved market sentiment and growing investor interest, alongside a positive MACD trend, provides the conditions for a potential price surge. Aptos may be poised to make its move if this momentum continues.

APT Price Primed For Breakout

Aptos has already experienced a 9% rise over the past day, signaling that a rally could be underway. The altcoin has been stuck in consolidation for over a month, with prices bouncing between $5.63 and $6.53. However, the new developments in the market could be what pushes APT beyond its previous limits.

The positive factors at play suggest that Aptos could break the $6.53 barrier, signaling the end of its consolidation phase. This would likely pave the way for a rise toward $7.20, bringing a fresh wave of optimism and trading volume. If APT manages to breach this level, it could spark a full-scale rally.

If the breakout fails to materialize, however, Aptos might remain trapped within its consolidation range. A drop below the $5.63 support could indicate further weakness, with a potential decline toward $4.96. Such a scenario would invalidate the bullish outlook, stalling any potential rally for the altcoin.