Hello dear trading community!
Our previous analysis predicted a drop to the 0.382 Fibonacci retracement zone, which was achieved at approximately $6.30. Now, Aptos has rebounded from this target and is showing signs of a potential Elliott wave formation and opening up new possibilities for the cryptocurrency.
Currently, Aptos is approaching the resistance level of a downtrend channel, indicating the potential formation of an Elliott wave pattern. This could mark the completion of Elliott wave (1) within a new cycle for Aptos. Elliott wave theory suggests that after a completed impulse wave (1), a corrective wave (2) is likely to occur with estimated support level zone near $6.50.
Based on our analysis, we anticipate that Aptos will make a rebound near the resistance level to complete the corrective wave (2). This would align with the principles of Elliott wave theory, where wave (2) typically retraces a portion of the gains made in wave (1). Once the corrective wave (2) is complete, Aptos is poised to resume its uptrend with targets above $10.00!
As always, it is important to closely monitor the price action and validate our analysis with further developments in the market.
Our previous analysis predicted a drop to the 0.382 Fibonacci retracement zone, which was achieved at approximately $6.30. Now, Aptos has rebounded from this target and is showing signs of a potential Elliott wave formation and opening up new possibilities for the cryptocurrency.
Currently, Aptos is approaching the resistance level of a downtrend channel, indicating the potential formation of an Elliott wave pattern. This could mark the completion of Elliott wave (1) within a new cycle for Aptos. Elliott wave theory suggests that after a completed impulse wave (1), a corrective wave (2) is likely to occur with estimated support level zone near $6.50.
Based on our analysis, we anticipate that Aptos will make a rebound near the resistance level to complete the corrective wave (2). This would align with the principles of Elliott wave theory, where wave (2) typically retraces a portion of the gains made in wave (1). Once the corrective wave (2) is complete, Aptos is poised to resume its uptrend with targets above $10.00!
As always, it is important to closely monitor the price action and validate our analysis with further developments in the market.
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