Trade of The Day – Aptos & Doge

Good Morning, Today 24th of March, Trade of the Day. So take a look at the Doge & Aptos (APT), Firstly Doge, which got back above November 2022 highs again. So the first wave had pumped through it, trap people above it flushed out back below down to the 50EMA. You can see these wicks there. Wick support, support came back and retest it and held it really nice. Has broken structure again.

So there was the interim high before the push down, broken back above it. I think there’s an order block forming there and if there is an impulse move of Doge from here. I would look out for retest of that level for Doge in future. So I don’t know if Doge just going to continue running.

Uh, I don’t have a whole lot of interest in Doge right here, right now, but it is certainly looking like one of the better ones. They look at it on the Bitcoin chart, uh, in the weekly, still got overhead resistance but trapped in the bands here, but the band had turned green. It’s below all the key moving averages.

The EMAs, it had its impulse candle, but it looks like that’s a nice strong weekly reversal. So Doge seems like it’s trying to build up a bit of ahead of steam against Bitcoin. So looks fine. A lot of people are talking about that today. So I thought of mentioning it too.

But I think Aptos (APT) is still the best. So Aptos (APT) having a really strong move and it’s not far off it’s all time high (ATH). And when you look at the Aptos (APT) Bitcoin chart as well, can see quite a nice move.

They key levels that 50 EMA on the weekly, it’s now starting to reclaim it, it’s now trying to break out from that if it, if it has another push today and then into next week, the bands will turn green and it can get above final bits of resistance.

The Aptos (APT)/BTC chart looks set for a little bit of continuation move, which might take Aptos (APT) dollar chart towards, all time highs. It just keeps grinding higher, grinding higher, grinding higher. Talked about this, before, you know, that’s definitely one I’m focused on for some lower timeframe longs and impulse trading.

Be mindful of course that it’s gonna touch these highs today. I’m sure , but be mindful of a potential reversal of that, It has done, you know, several false breakouts on the way up, so it should be ready to just have a straight breakout but you know, you never know. It depends on the market, depends on the Bitcoin and positioning as well.

So the Aptos (APT) positioning was quite really healthy yesterday where our funding rates were quite low. I think that’s gone now, which isn’t necessarily a bad thing either. You’re always gonna get people coming in long when prices are going towards breakouts, but we had low funding rates and it retest over the weekend a couple of times.

You’re now seeing some open interest rising as price pushes up into the highs as funding ticks up too. But funding’s not at crazy levels and open interest pattern is one of accumulation, right? It’s push up, drop by, push up, drop by, and keeps forming higher lows along with the price.

So that tells me that positions are not closing right on balance positions keep opening as price rises, not really outpacing the price itself from the low. So from the beginning of this move where it really impulse tier first price is up 71% and open interest from that same level is about 89%.

So ever so slightly , uh, led by futures, but I wouldn’t call that a crazy overextended move that needs a nuke. I think Aptos (APT) wants to have a push towards this all time high, at the very least. Um, will it touch it? You know, it’s still how far away?

It’s still probably 22% off the all time high. It won’t be hard to touch that. Does it reject double top reverse? Don’t know. Um, but yeah, that’s certainly as I look through Aptos/Bitcoin charts, it is one of the stronger compared to other Alts.

So I think that’s probably one to keep on side and keep an eye for any of the lower timeframe impulse trades, I think if we get a pullback or when we get a pullback, we will get another pullback on Bitcoin at some point. I think Aptos (APT) is still one. I’ve watching it all weekend and watching it for the past few days.

Even on the pullbacks it’s much stronger. And so what you wanna watch for is when Bitcoin pulls back, does Aptos (APT) continue to be stronger on the pullback? Right? Because look at this like Bitcoin is declining for the most of this week. Mot of this past weeks, Aptos has been moving the exact opposite direction.

So if that strength continues, it means dip buyers are still favoring Aptos (APT) on the dip and that’s more likely to then give you, uh, a decent odds of a continuation long. So I’ll be watching that.

First of all, you, I said this yesterday, there’s always a chance where touch of the highs falls back, one, two, couple pushes goes sideways and then rips later. Be aware of that as well. You know, it doesn’t just mean that this is gonna break out.

So often you see these charts it look so good. Sometimes they do, sometimes they just break out and it was bullish. Sometimes it’s to go back for one more sweep. But this strength of Aptos (APT), I don’t think it’s, it’s gonna just stop here and go all the way back to the lows. I think it’s either gonna breakout or it’s gonna have a quick flush back and then sideways and then breakout in a few weeks time.

So one to keep on side, Aptos (APT) is a very pumpable coin as you can see. The Chinese whale behind Aptos (APT) they like it good tech. So, um, yeah, that’s it. Doge & Aptos (APT), they’re kinda mildly interesting this weekend. Nothing else, you know, I mean there’s a bunch of coins pumping but nothing else like super, super interesting. Anything outside of that is, is much lower cap stuff on-chain stuff or all that’s rising.

Uh, so you’re seeing this kinda weird, we’re in this kinda weird phase where meme coins are pumping but like much lower cap meme coins and the market as a whole is sort of, there’s a bunch of chart that look like they’re topped. There’s bunch of charts that look like they’re just getting started.

So we might be in for more of a market for the next few weeks or months. So we’ll see. Anyways, See you all later.

Sayonara – That’s all for Today, Do give your feedback.

Note:

ow on everyday on the Calendar, Trade of the Day and it’s Analysis will be posted in the Blog. For More Blogs, related to learning crypto trading you can visit our website.