Let's take a quick look at APT, an Ethereum Layer 2 project with a market cap of $3.3 billion, currently ranked 31st in coin market cap.
🔍 In the 4-hour timeframe, we're witnessing a bearish trend where the price has reached a support level at $5.16, forming a range between $5.16 and $6.49. This coin has managed to maintain its crucial support at $5.16 during Bitcoin's recent price drops, staying above this level.
☄️ Following the Bybit exchange hack news, the price, which had broken above $6.49, sharply reversed, faking out that breakout and reintroducing bearish momentum into the market. However, the support at $5.16 has held strong, preventing further price declines and proving itself as a significant support level.
📉 Given the importance of this support, breaking below $5.16 could initiate the next bearish leg, and I would personally consider opening a short position if this level is breached.
📈 On the flip side, given the resilience shown by the $5.16 area, there's a possibility that the price could rebound from here. In such a scenario, if $6.49 is breached, it could be a good opportunity to enter a long position, banking on a recovery and potential uptrend continuation.
🔍 In the 4-hour timeframe, we're witnessing a bearish trend where the price has reached a support level at $5.16, forming a range between $5.16 and $6.49. This coin has managed to maintain its crucial support at $5.16 during Bitcoin's recent price drops, staying above this level.
☄️ Following the Bybit exchange hack news, the price, which had broken above $6.49, sharply reversed, faking out that breakout and reintroducing bearish momentum into the market. However, the support at $5.16 has held strong, preventing further price declines and proving itself as a significant support level.
📉 Given the importance of this support, breaking below $5.16 could initiate the next bearish leg, and I would personally consider opening a short position if this level is breached.
📈 On the flip side, given the resilience shown by the $5.16 area, there's a possibility that the price could rebound from here. In such a scenario, if $6.49 is breached, it could be a good opportunity to enter a long position, banking on a recovery and potential uptrend continuation.
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.