• Aptos [APT] was showing a bullish market structure across its higher and lower timeframe charts.
• Bulls could potentially target the supply zone at $20 if they clear key obstacles such as $16.1736, $16.7694, and $17.7537.
• Investors should note that a drop in Open Interest (OI) could signal a drop in demand and bearish sentiment, which could derail bulls’ efforts to reach the $20 supply zone.

Aptos [APT] Market Overview

APT was strongly bullish across higher and lower timeframe charts by press time, giving investors the potential to target the supply zone at $20 if they can clear certain key obstacles.

Key Obstacles To Reach The Supply Zone

The market faced several price rejections in the $20 zone between mid-January and early February with bearish order blocks setting APT into a correction of over 25%. As a result, the bulls must now clear obstacles at $16.1736, $16.7694, and $17.7537 in order to reach the said supply zone at around the same level again.

Bullish Weekly Chart Structure

Investors should be aware that APT’s market structure is still bullish on weekly, daily, and lower timeframe charts at press time with a bullish flag formed on its weekly chart indicating potential gains up to about 25% should it break past these sell pressure zones mentioned above.

Possible Downtrend & Shorting Opportunities

However, any downswing resulting from failing to clear these sell pressure zones or breaking below its demand zone of around$12 will lead to further losses with bearish targets set around 8 dollars per APT token ($8). This could offer shorting opportunities at around 9 dollars per token ($9).

Open Interest Rate Impact On Price Movement

APT’s open interest rate (OI) has been increasing since 13th February when it retested its demand zone as support which gave bulls more confidence to launch recovery attempts towards their target of 20 dollars per token ($20). A drop in OI however signals a decrease in demand which could negatively affect the price movement so investors need to keep an eye out for this indicator too before making any decisions regarding their investments in APT tokens