The price of Aptos (APT) could aim for $5.99 after a 10% increase.

Token Layer-1 Aptos (APT) is currently leading in performance in the crypto market, recording an increase of nearly 10% in just one day.

This breakthrough comes right after Bitwise submitted an updated S-1 form to the United States Securities and Exchange Commission (SEC) on Thursday, related to the proposed Aptos spot ETF. This is an important step, marking the process of introducing the first Aptos ETF to the U.S. market.

Price increase driven by ETF

The nearly 10% increase in one day has pushed APT to its highest level in the past 16 days. This growth spurt is driven by increasing optimism from investors, especially after Bitwise submitted an updated S-1 filing to the SEC on Thursday regarding the proposed Aptos ETFs.

Bitwise has submitted its first application for the approval of an Aptos ETF in March. Recent updated filings have shown Bitwise's commitment to bringing this ETF fund to market, while also stimulating new demand for APT as traders anticipate institutional capital flows.

On the APT/USD chart, the Balance of Power indicator (BoP) is positive, reflecting an increase in demand from spot market participants. As of the time of writing, this indicator is at 0.67, indicating that buying pressure is dominant in the market.

APT BoP | Source: TradingView BoP is an indicator that measures the strength of buying pressure compared to selling pressure by comparing the price range over a trading period. When BoP is positive, it means that the buying side is dominant and creating upward pressure on the asset. In the case of APT, a positive BoP proves that the buying side is dominating the market, supporting the growth momentum of this token.

In addition to the BoP indicator, APT is currently maintaining its price above the (EMA) 20-day exponential moving average, forming a dynamic support level at $4.68. This 20-day EMA measures the average price over the last 20 trading days and is weighted more towards recent prices.

The 20-day EMA of APT | Source: TradingViewWhen the price of APT trades above the 20-day EMA, it reflects short-term growth momentum and indicates that buyers are in control of the market. This upward trend may continue if APT maintains stability above the support level of $4.68, paving the way for potential value increases in the future.

The price of APT could reach 5.99 dollars

While the market is still waiting for decisions from regulatory agencies, expectations are growing that the Aptos ETF could attract capital flows from large institutions, which could drive APT to develop more strongly in the short term.

The 20-day EMA is currently serving as a strong support level for APT at $4.68. If the price maintains above this level, it could prevent a sharp decline and create an opportunity for APT to continue its upward trend. In this case, the next price level that APT could reach is $5.99 – the highest recorded in May, creating a positive outlook for this coin.

APT 1-Day Price Chart | Source: TradingViewHowever, if demand in the market decreases and the upward momentum slows down, the price of APT may drop below the 20-day EMA support level and slide to around 3.74 dollars. In this scenario, APT will face downward pressure, and the ability to recover will depend on the influencing factors from institutional investors as well as the situation of the Aptos ETF.

Price stability above the 20-day EMA will be an important factor in maintaining the upward momentum of APT in the near future.

Annie