BTC holds its ground above $29,000 with minimal volatility. Here's a market analysis for the cryptocurrencies Aptos (APT) and Arbitrum (ARB).
Aptos (APT)
Aptos has been experiencing a downward trend since hitting its ATH above $20 at the end of January 2023. Currently, APT is trading between the support levels of $6.6-$6.9 and resistance levels of $7.9-$8.37. To escape this negative trend, the asset would need to break through the seller's range of $9.00-$9.42 and solidify its position above the psychological level of $10.
In the meantime, a continued correction remains the most likely scenario. Buyer's orders are positioned within the $6.26 zone, and between the ranges of $5.44-$5.95 and $5.
Aptos has been traded on exchanges since mid-October 2022. As per the tokenomics, the coins of early backers have been locked for a one-year term. These early investors bought APT at an average price varying from $2 to $3. Once these tokens become available, most are expected to be sold, which may exert downward pressure on the Aptos price
APT chart on the H4 timeframe
Arbitrum (ARB)
After hitting a low on June 15, ARB has been in a localized uptrend. Currently, the crypto asset is hovering around the support level of $1.15. Lower buy orders are positioned within the $1.05-$1.11 range and at the psychological level of $1.
For the uptrend to continue, ARB needs to surpass the resistance level at $1.27, navigate through the $1.3-$1.35 range, and set a new local high. In general, this asset closely correlates with the BTC trend.
Remember that Arbitrum has been trading on exchanges for less than six months. Its price is significantly influenced by underlying factors such as ecosystem development, coin unlock events, TVL, and others. These nuances should be taken into account when initiating trades.
ARB chart on the H3 timeframe
The U.S. interest rate decision was announced yesterday, revealing a predictable 0.25% increase. As a result, Bitcoin and other cryptocurrencies responded with relative restraint. f the interest rate hikes halt and the Consumer Price Index (an indicator of inflation) continues to decline, it could bode well for both the stock and cryptocurrency markets.
Check out GNcrypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
