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Cryptocurrency News Articles
Aptos (APT) Faces Tough Times as Price Drops Despite Post-Unlock Rally
Oct 18, 2024 at 05:00 pm
Since last week's unlock, when Aptos (APT) released 11.31 million tokens into circulation, the price has increased by 24%.
Aptos (APT) price faced a setback in its post-unlock rally as it failed to break through the $12 price mark. Despite being released from the exchange lock last week, APT encountered difficulties in sustaining the bullish momentum.
After surging to $10.70 following the token unlock, the altcoin recently dropped to $9.99. This price movement occurred as Aptos tokens, initially priced at $0.01 during the March Genesis sale, continue circulating following the project’s mainnet launch in October.
However, upon closer examination, several crucial factors appear to be impacting Aptos’ recent price decline.
Aptos Price Analysis
Aptos price on October 11 was around $8.04. But just days after the token unlock, the altcoin surged to $10.70 before pulling back to $9.99.
According to Santiment, the Weighted Sentiment around Aptos (APT) could be contributing to the recent decline. Weighted Sentiment measures the average perception of the crypto community based on positive or negative comments.
A positive reading indicates more bullish remarks, while a negative one suggests the majority of comments are pessimistic. As of this writing, the Weighted Sentiment for Aptos has dropped to its lowest level since July 18.
This decline suggests that a significant portion of market participants are no longer bullish on APT, making it potentially difficult for demand to improve and the price to increase.
Additionally, the project’s trading volume also appeared to play a role in the recent price movement. For instance, Aptos’ volume surged to $600 million on October 13, which coincided with the earlier price rally, indicating growing interest in the token at that time.
However, at press time, the volume has dropped to $210.46 million, suggesting diminishing interest and buying pressure. If this trend continues, APT’s price could face further downward pressure.
Aptos Price Prediction: No Breakout Yet
From the daily chart, Aptos’ price is currently in a zone that tends to drag it back. As far back as 2023, whenever APT surges past the $10 mark, it finds it difficult to break out.
This price trend appears to be repeating itself once again. Moreover, the strong resistance at $10.76 could continue to pose a challenge for APT to break through. If this holds, reaching the $12 price mark might be difficult.
Considering the recentの状態, it is likely that Aptos’ price could experience a 15% decrease, bringing it down to $8.55. However, a surge in buying pressure and volume could invalidate this prediction, leading to APT surging toward $12.35.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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