- Aptos price jumps higher on the back of a lower inflation print against the previous month.
- APT, meanwhile, gets a rejection to the upside at an important historical level.
- Expect to see APT go nowhere until the US closing bell, some follow-through might occur.
Aptos (APT) price is stuck between a rock and a hard place after the all-important US Consumer Price Index (CPI) data was released. On one hand, the US inflation numbers were a bit lower but, on the other hand, they are still very much elevated. It becomes clear that there is no real winner with these numbers, as APT is flirting with small gains and cannot break above $14.45 after firm rejection just seconds after the US inflation number came out.
Aptos price traders watching all asset classes
Aptos price gets torn between bears and bulls in the aftermath of the US CPI numbers, with a similar tone of dispersion in several asset classes. Equities got pumped higher but are back in the red, and US Treasury bonds see yields rising as prices tank. On the back of this all, the US Dollar is nudging higher, with the DXY slightly higher and EUR/USD 80 pips lower from the high on the US inflation print.
As an altcoin very sensible to risk scenarios, APT price will go nowhere until the US closing bell. Expect bulls to win the tug-of-war game and see them jack up prices in risk assets. Aptos price is primed to break through the $14.45 hurdle. Should a daily close above the level happen, expect to see some follow-through towards $17 for a flirt with a break above the green ascending trend line later this week.
APT/USD daily chart
The biggest elements to keep an eye on throughout the rest of the trading day are bonds and EUR/USD. Should that last pair decline towards 1.0660 –and the DXY strengthen further– the cryptocurrency market can expect a risk-off tone to unfold, with APT on the chopping block. The monthly pivot would break and might see APT tank towards $12 in search of support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?