Aptos Following SUI’s Lead? Analyst Says APT’s ‘Explosive Breakout’ Targets $20

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As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market fluctuations and trends. The recent surge in Aptos (APT) has caught my attention, especially given its similar trajectory to SUI.

Over the past fortnight, Aptos (APT) experienced a significant 37.6% increase, returning to its initial quarter (Q1) values. As observed by certain market analysts, this recent growth of the cryptocurrency mirrors SUI’s trajectory, potentially signaling an upcoming surge toward a fresh record high (new all-time high or ATH) in the next few weeks.

Aptos To Follow SUI Steps

In simpler terms, during the recent market surge, Aptos has shown exceptional growth. After the U.S. presidential elections, its value rose significantly from approximately $7.8 to reach a level above $11 for the first time since late April.

Based on the observations of certain cryptocurrency experts, the price pattern of APT seems remarkably alike to that of SUI. Analyst Alex Clay noted that APT’s progression appears to be mirroring SUI’s, implying that a potential surge could occur quite soon.

According to Clay’s post, Aptos’s price chart mirrors SUI’s trend, initially dropping from its 2023 peak levels, then climbing back up towards the highs reached in March. Following Q1’s results, both cryptocurrencies experienced a significant decline of more than 70%, forming a higher low (HL) compared to last year’s bottom and approaching the heights reached in March once again.

Yet, SUI has been spearheading and now finds itself in the phase of “price exploration” following its record set a month back when it exceeded its March all-time high (ATH). Over the past month, the token has repeatedly broken its prior peak, with its most recent ATH of $3.92 being established just two days ago.

According to the analysis, it’s recommended that investors might want to hold off until APT experiences a breakthrough, as this could signal new price developments. Previously, another market observer pointed out that SUI and APT have been following a “trade catch-up” pattern for about a year.

The trader pointed out that, much like other digital currencies, SUI had previously diverged from the norm twice. After SUI’s launch, APT saw a delay of more than 40 days before it started regaining momentum again.

As the report was written, Aptos was just two weeks behind in reaching parity with SUI. This coincided with the post-election period. If an event similar to SUI occurs (a significant increase), APT could potentially surpass $18 and climb towards a price exploration area above $20.

APT Eyes $20 Target

Crypto analyst Quinten highlighted APT’s recent performance, asserting that it is “reclaiming its dominance, printing consistent higher highs and higher lows.” He also noted that the token’s chart shows “strong accumulation leading up to this explosive breakout.”

Over the past week, this digital currency surged more than 40% and reached a monthly peak of $13.3, a level not attained in approximately seven months. However, it has since stabilized, fluctuating within the price band of $11.5 to $12.6, dipping below its lower limit when Bitcoin (BTC) dropped to around $87,000.

Throughout Q3, the $11 price point served as a notable barrier that APT struggled to break through multiple times. Yet, surprisingly, APT managed to maintain its position above this level for an impressive seven consecutive days.

Consequently, the analyst predicts that the positive trend might propel Aptos towards a fresh all-time high, with the “$20” level being identified as the next significant psychological and technical milestone.

At the time of writing, APT is trading at $11.79, a 2.2% decline in the daily timeframe.

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2024-11-20 15:04