APT : an Ethereum Layer 2 project | Univers Of Signals

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.