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Cryptocurrency News Articles
Aptos (APT) Rallies 9% to Reclaim Spot as Top Gainer, Targets New All-Time Highs in Q4
Oct 22, 2024 at 05:15 pm
APT secured the top gainer spot on Oct. 22 amidst a surge in total value locked in the protocol.
Aptos (APT) price surged nearly 9% on Oct. 22, making it the top gainer among the top 100 cryptocurrencies.
The price rally follows a surge in total value locked (TVL) in the Aptos ecosystem and a string of new partnerships. Here's a closer look at the factors behind APT's rally.
Aptos (APT) price surged nearly 9% on Oct. 22, making it the top gainer among the top 100 cryptocurrencies. The gains come amid a broader uptick in cryptocurrency prices, with the total market capitalization of all cryptocurrencies rising to $963 billion, a 24-hour gain of 1.2%.
APT's price rose to a daily high of $11.13 at the time of writing, with a 24-hour trading volume of over $597 million. The price has surged nearly 15% over the past seven days, and it now trades at a market capitalization of $5.71 billion, making it the 41st-largest cryptocurrency.
Echo integration, record Aptos TVL, and MEXC collaboration
A couple of recent partnerships and developments helped fuel this rally.
Firstly, Aptos integrated with Echo Protocol, a decentralized finance (DeFi) platform, on Oct. 21, pushing the total value locked (TVL) in Aptos to $150 million. The integration enables Echo protocol users to earn returns of up to 10% in APT, further enhancing the use cases of the altcoin.
Per data from DeFi Llama, Aptos’ TVL currently stands at an all-time high of $2.15 billion, making it the seventh-largest blockchain in the DeFi industry, surpassing its competitor Sui (SUI), which had a TVL of $1.64 billion.
Moreover, Aptos also came under the spotlight after it announced a strategic partnership with crypto exchange MEXC. This collaboration will involve joint initiatives aimed at promoting APT through a series of events.
Technicals signal more upside
On X, pseudonymous analyst AMCrypto observed that Aptos is forming a bullish flag pattern, supported by increasing TVL, a surge in daily active users, and smart money quietly accumulating the token. These factors, according to the analyst, signal strong fundamentals and technical momentum, positioning Aptos for a potential breakout to new all-time highs in Q4.
Based on the chart shared by the analyst, a breakout above the $10.50 resistance level would confirm the bull flag. At the time of writing, APT had already surpassed this level, priced at $10.96. As such, the APT could be rallying toward a short-term price target of around $12.50 as projected by AMCrypto.
On the 1D APT/USDT chart, the 50-day moving average had crossed the 200-day Moving Average, leading to the formation of a golden cross, a sign of a major trend reversal to the upside in technical analysis.
Moreover, the Relative Strength Index treaded above the neutral position since Sept. 18, suggesting sustained interest from investors, supporting the overall bullish narrative.
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