Aptos price risks a 30% drop unless APT bulls defend this position

Aptos price (APT) has been caged since February 24, trapped under a critical multi-month barrier that limited the gains for investors. A key support has kept APT buoyant throughout that time, but as dark clouds continue to build up, the altcoin could lose this substructure and retrace to unprecedented lows.

Also Read: Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%

Aptos price could drop if these dark clouds prevail

Aptos price was rejected by the $13.49 resistance level on March 23, taking a 10% hit to fall below the 50-day Exponential Moving Average (EMA) at $11.94. This level, coupled with the critical resistance at $13.49, represents the dark clouds for the altcoin. Unless APT bulls defend their position, the dark clouds could see the altcoin lose more ground.

Given that there is no significant catalyst in the broader market, with Bitcoin (BTC) still flashing 'boring,' chances are high that Aptos price could drop. Notably, the Nonfarm Payrolls (NFP) release, which many had hoped would spark a directional bias, failed to provoke BTC's reaction.  

If APT bulls lose the immediate support due to the 100-day EMA at $11.05, Aptos price could engage a load-shedding gear, moving 30% south to $8.10. Investors need to watch this position as it is the last line of defense before the drains open for the altcoin.

APT/USDT 1-day chart

Conversely, if sidelined investors join in, Aptos price could head north and break above the 50-day EMA at $11.94. A decisive flip of this resistance level into support could invalidate the bearish thesis. In highly bullish cases, APT could tag the $13.49 resistance level. A break above this level, though unlikely in the meantime, could set the path for more gains.

Read: US Nonfarm Payrolls turn out to be a non-event for Bitcoin and Ethereum.