Aptos (APT) token price hovers near its 2023 low despite its ecosystem growth

Aptos, a top layer-1 network, is showing resilience even as its token hovers near its lowest level since 2023.

Aptos (APT) has shown resilience despite its token remaining close to the year’s lows. Data from showed that the Aptos ecosystem has continued to grow despite the recent bear market.

According to DeFi Llama, the total value locked in the Aptos network has now risen to $1.06 billion.

Most of these assets are in Aries Markets, a lending protocol that has over $391 million in assets. Afterward comes Echelon Market, another top platform in the network, with over $178 million, while Cellana Finance has $26.7 million.

Other leading liquid staking platforms in the Aptos ecosystem include Amnis Finance, Echo Protocol, and Thala.

Stablecoin market cap on Aptos has also crossed the $1 billion milestone for the first time. This increase is a strong indication of rising user engagement with decentralized applications within the ecosystem.

Earlier this year, Aptos revenue also continued to rise. Its application revenue climbed to a record high of $205,000 in February and stands at $201,000 this month.

These revenue figures are smaller than those of other chains because Aptos users are drawn to the network’s lower fees.

Aptos price technical analysis

The daily chart shows that APT has been in a strong downtrend over the past few months, dropping from a high of $15.3 in November to a low of $4.93 this month.

Aptos remains below the 50-day Exponential Moving Average, indicating that bears are still in control. However, the coin has formed a large double-bottom pattern with a neckline at $15.3.

This pattern is considered one of the most bullish reversal signals in the market.Chart showing double bottom pattern and fibonnaci levels

If the coin manages to break above this level, it could continue rising to the next key target at $12.13, the 50% Fibonacci retracement point, which would represent a gain of about 105% from the current level.

The next Fibonacci level is at $15.3, which coincides with the neckline of the double-bottom pattern. A move above this level could clear the way for a continued rally to the $18.23 resistance level.

On the other hand, if the coin fails to break above the double-bottom neckline and pulls back, the next key support level is at $5.90, the low point reached this year.

The coin is currently facing resistance at the 200-day Exponential Moving Average, which could pose a challenge for the bulls in the coming days.