Bitcoin continues trading within the support and resistance levels outlined in our previous crypto analysis. Here’s an overview of the market conditions for the cryptocurrencies Maker (MKR) and Aptos (APT) as of Wednesday, September 27.
Maker (MKR)
Although the overall trend on the MKR chart is descending, locally, the asset is experiencing a robust upward trajectory. In the past few months, Maker has increased by 42%, reaching a new annual high at the $1,442 mark.
There isn’t a substantial presence of sellers for Maker at the moment, hence the continuation of the asset’s appreciation is the likely scenario. The upcoming resistance level is at $1,520, succeeded by the seller’s domain ranging between $1,637 and $1,766.
A technical correction is also viable, particularly in case of a BTC drop, with which Maker has a high correlation. The current support zone lies in the range of $1,212–$1,272. Following this, buyer bids are concentrated within the $1,129 support level and the $980–$1,038 range.
MKR chart on the H4 timeframe
Aptos (APT)
At present, both the global and local trends for Aptos are showing a downward trajectory. The asset is now trading within a lateral range, marked by support zones of $4.88–$5.13 and resistance zones of $5.68–$6.00. A continuation of the downward trend is currently the prevailing scenario. Hence, if the current support zone is breached, the next support will likely be at the $4.59 mark.
If buyers can demonstrate resilience and assert control, the price of APT could potentially test the subsequent resistance levels, specifically the $6.3 mark and the seller-dominated zone of $6.7–$7.05. However, to completely offset the downward trend, Aptos would need to secure a position well above the $10 level, a prospect that currently seems highly unlikely.
Another crucial factor is the forthcoming unlock of APT tokens for early investors, set to occur in October. The average purchase price for funds is capped between $2 and $3. A substantial sell-off could have a detrimental impact on the APT price, rendering the asset particularly risky for investment in the present circumstances.
APT 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:
