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Aptos unlocked 4.5 million tokens, but how did the price react to it?

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Aptos unlocked 4.5 million tokens, but how did the price react to it?

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  • Aptos conducted an unlock of 4.5 million APT tokens on 12 February.
  • As Open Interest declines, APT’s price falls

During the intraday trading session on 12 February, Layer 1 (L1) blockchain Aptos [APT] conducted its third token unlock since the 2023 trading year started.

According to Aptos Watcher, the L1 network unlocked 4.5 million APT tokens, which make up around 0.45% of its total supply. As of this writing, according to data from CoinMarketCap, the altcoin’s circulating supply was 162.62 million APT tokens.

Read Aptos’ [APT] Price Prediction 2023-24

APT drops by almost 10% in the last 24 hours

At press time, APT traded at $13.04. Following the token unlock, APT’s price began to decline and has since shed 6% of its value. Following several weeks of the rally, APT’s price might be due for a reversal, daily chart readings suggested. 

In January, APT’s price surged astronomically to peak at $19.81 on 30 January. Unfortunately, buying momentum declined, causing APT to drop from this all-time high.

An assessment of the coin’s Moving average convergence/divergence (MACD) confirmed the commencement of a new bear cycle on 3 February. Since then, the indicator has been marked with red histogram bars, and APT’s value has decreased by 29%.

The downtrend in APT’s Relative Strength Index (RSI) and Money Flow Index (MFI) in the past few weeks showed a significant decline in buying momentum.

At the time of writing, both the RSI and MFI were trending downward and were getting closer to being overbought, after breaching their respective neutral zones.

With a waning accumulation trend, the Directional Movement Index (DMI) revealed that sellers were regaining control of the APT market.

At press time, the negative directional index (red) was in an uptrend at 17, while the positive directional index (green) trended downwards at 23. 

How much are 1,10,100 APTs worth today?

Also, the dynamic line (green) of APT’s Chaikin Money Flow (CMF) rested below the center line at -0.01. A negative CMF indicates that money is flowing out of an asset, which suggests that selling pressure is higher than buying pressure.

This clear, bearish indicator suggests that APT’s price will decline further in the coming days. 

Source: APT/USDT on TradingView

Lastly, since 27 January, APT’s Open Interest has declined by 42%. It is common knowledge that when an asset’s Open Interest declines, it indicates that either existing positions are being closed or fewer new positions are being opened.

A further decline in APT’s Open Interest will occasion an even steeper fall in its price. 

Source: Coinglass


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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