APT and XLM Price Analysis as of February 16, 2024
As Bitcoin's ascent moderates, settling at the $52,000 level, altcoins might seize the opportunity to showcase their growth potential. This analysis highlights the market dynamics for the alternative cryptocurrencies Aptos (APT) and Stellar (XLM) on Friday, February 16.
Aptos (APT)
Aptos has shown a positive trend throughout February. The cryptocurrency recently attempted to breach the resistance zone between $10.55 and $10.96 but failed on its first try, leading to a pullback to the $9.45β$9.92 range.
Looking ahead, the growth trajectory for APT remains a key scenario. Once it surpasses the resistance zone mentioned earlier, Aptos could potentially reach new highs at the $11.5 and $12.0 marks. Overall, the asset aims to double its value to reach its all-time high.
Should Bitcoin undergo a correction, APT might also experience a temporary dip towards the $9.13 and $8.20β$8.65 zones. If Bitcoin manages to hold the psychological level of $50,000 by then, such a correction for Aptos could present an opportunity to accumulate long positions.
APT H4 Chart
Stellar (XLM)
XLM buyers appear cautious, with the coin's growth being relatively sluggish. Any downturn in Bitcoin's price significantly affects Stellar's valuation.
XLM's current price hovers near the resistance zone of $0.116β$0.119. Securing a position above this range could propel the coin toward a local high of around $0.122. However, advancing to the $0.124β$0.128 zone seems less likely without considerable buying interest.
The support level to watch is at $0.111, with a buyer order range just below at $0.107β$0.109, where the price might drop in the event of a Bitcoin correction.
XLM H4 Chart
The Bitcoin market tends to be more tranquil over the weekend, suggesting that the forthcoming days could witness increased activity in altcoins.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
