Bitcoin remains in its sideway trend, with no significant changes on its chart since our last review. Here's a detailed market analysis of the cryptocurrencies Aptos (APT) and Avalanche (AVAX).
Aptos (APT)
Aptos has been on a downward trajectory since February 2023, when it reached its high at $19.9. The current trend is bearish, with the asset trading between a support zone of $4.83 and $5.53. A significant batch of buy orders is positioned at the psychological $4.00 mark.
To pivot to an upward momentum, APT must break through the resistance zone stretching from $6.13 to $6.62 and surpass the $7.2 mark. A critical challenge for buyers will be navigating the broad range between $7.67 and $8.5. The market's reaction here will offer insights into its future direction. Any surge needs to be backed by significant trading volumes; otherwise, any upward shift might be short-lived.
Additionally, come autumn, there will be a release of APT tokens for private investors who initially bought in at the $2-$3 range. If most of these tokens are sold, it could exert downward pressure on the APT price, sidelining technical analysis indicators.
APT chart on the H4 timeframe
Avalanche (AVAX)
The current market perspective for Avalanche doesn't paint a bright picture. Just last week, on August 23, Avalanche reached its annual low at $9.7. Now, AVAX has seen a slight bounce back from the support levels of $9.7-$10.0. The challenge here is the absence of current support levels on the chart. It's been a considerable time since the AVAX price was this low, making prior trading orders somewhat obsolete.
The next significant resistance zone, which might trigger further drops, lies between $10.62 and $11.0. Beyond this, there are sell orders at around $11.4 and within the range of $11.68-$12.24. A sustained move above the $13 mark would signal a potential end to AVAX's downward momentum.
AVAX chart on the H4 timeframe
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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:
