Cryptocurrency prices had a difficult week as FTX imploded. The FTX Token price plunged to an all-time low while Solana dropped by over 50%. Aptos, the newly launched cryptocurrency also declined and then crawled back.
Cryptocurrencies dropped for two main reasons. First. FTX was the third-biggest cryptocurrency exchange in the world after Binance and Coinbase. As such, there are worries that the industry will have significant contagion risks. Second, there are fears that the implosion will lead to significant regulations in the industry.
Aptos price prediction
The three-hour chart shows that the APT price has made a strong recovery after it crashed hard this week. The rebound happened after the coin formed a hammer pattern on Wednesday. In price action analysis, this pattern is usually a bullish sign.
As the Aptos price rose, it managed to move above the 23.6% Fibonacci Retracement level. It also moved slightly above the 25-day moving average while the Stochastic Oscillator continued rising. It is now approaching the overbought level. The Relative Strength Index (RSI) has also continued rising.
Therefore, this rebound could be a sign of a dead cat bounce. If this happens, the coin will likely resume the bearish trend as sellers target the next key support at $4.50.
How to buy Aptos
Solana price prediction
Solana price crashed hard this week because Alameda Research was one of its biggest holders of the coin. The four-hour chart shows that the SOL price has been in a strong bearish trend in the past few days. It moved to a low of $12.18, the lowest level since last year. It crashed below the key support at $26.62.
Solana has now bounced back slightly. It remains below the 25-day and 50-day MAs while the Stochastic Oscillator moved to the overbought level. It has formed a bearish flag pattern. Therefore, there is a likelihood that the coin will resume the bearish trend during the weekend.
How to buy Solana
FTX Token price prediction
The FTT price has been in a strong sell-off this week. It was reported that Alameda Research owned most of the FTX token in circulation. The coin has now rebounded and made an inverted head and shoulders pattern.
In price action analysis, this pattern is usually a bullish sign. The Stochastic Oscillator has continued rising. Therefore, the coin will likely continue rising as buyers target the next key resistance level at $5.5.
