Aptos [APT]: Bears eke out a victory over bulls – cause for concern?
- APT’s price declined by over 11% in the last 24 hours.
- Market indicators looked bearish, but a few metrics supported the bulls.
The bearish market has caused a price decline in most cryptos over the last 24 hours. Similarly, people were drawn to Aptos [APT] as its price dropped by a factor of ten. According to CoinMarketCap, APT’s price declined by over 11% over the last 24 hours, and at the time of writing, it was trading at $14.41 with a market capitalization of over $2.34 billion.
How much are 1,10,100 APTs worth today?
This episode happened even after quite a few positive developments in the ecosystem. For example, Aptos recently announced the launch of its new Aptos Collective, an ambassador program that will support Aptos’ growth around the world. As per the official announcement, to support the growth of the Aptos community, the Aptos Collective will be open to the most involved members.
1/ Introducing the Aptos Collective, a home for Aptos’ top community contributors!
This ambassador program will support Aptos' growth around the world, and is open to the most engaged members of the Aptos community—of all skills and backgrounds! ⤵️https://t.co/OSHoeOHREm
— Aptos (@Aptos_Network) February 16, 2023
Bears outperformed the bulls
Despite the launch, which was a promising development, a look at APT’s daily chart revealed the reason behind the plummet. The MACD revealed that Aptos bears were ahead of the bulls. APT’s Money Flow Index (MFI) was resting below the neutral mark, which too was a development in the sellers’ favor.
Both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) took a sideways path and were lingering close to the neutral level at press time.
Realistic or not, here’s APT market cap in BTC’s terms
Possibility of an Aptos revival?
Though APT failed to make the investors happy during the last day, chances of a trend reversal could not be ruled out as several of the network developments looked in APT’s favor. Apart from the launch of Aptos Collective, another recent development was the success of the Aptos Seoul Hack.
#APTOS ECOSYSTEM 24H UPDATE😍
1/ @Aptos_Network 400+ applicants, 180+ participants, and 15 winners at the first-ever #AptosWorldTour Hack in Seoul, Korea🇰🇷
2/ 100,000+ users have Linked their #Twitter With @martian_wallet Wallet
Like & RT to support us🙏#Aptos #Web3 #LFG pic.twitter.com/qgMMUqsUOv
— Aptos Insiders (@Aptos_insiders) February 16, 2023
Interestingly, Kings Charts tweeted a new analysis that too gave hope for better days ahead. According to the tweet, APT was following a similar trend that SOL had followed earlier, giving rise to the possibility of whales driving APT’s price upward in the coming days.
Solana whales found a new shelter, Driving #aptos the same way they did for #Solana#APT $30 is coming 👀#Alts #2019vibes #bullrun $APT buying More 16$ 15$
TP Same 25$ 33$$SOL $APT https://t.co/Igya38RPxG pic.twitter.com/yEeaWVUuN3
— Kings Charts (@KingsCharts) February 16, 2023
As per Santiment’s chart, APT’s development activity was on the rise, which was a positive sign because it represented increased developer efforts to improve the network. Moreover, positive sentiments around APT were higher compared to negative sentiments, suggesting investors’ trust in Aptos.
However, LunarCrush’s data suggested that APT’s volatility decreased considerably over the last few days, which could restrict a northbound breakout in the near term.