- Aptos crypto is trading inside a falling wedge pattern declining to lower levels.
- APT is a Layer 1 category crypto based on the move programming language.
The APT coin is a scalable token, also a native token of the Aptos project. The token is primarily used for network fees, governance, and validator staking. Aptos was created by Aptos Labs, led by Mo Shaikh and Avery Ching in 2021. The APT crypto came with its ICO in October 2022. The crypto uses a POS consensus mechanism and for hashing blocks, it uses the KECCA_256 hashing algorithm.
Aptos Labs are developing products and applications on the Aptos blockchain that could improve the web3 user experience. The Aptos crypto’s price has declined by 1.6% in the last 24 hours. The crypto has hit an all-time high price of $19.92 nine months ago and has declined to the current price of $4.79. It has a market cap dominance of 0.106% and the volume/market cap ratio of the coin is 0.0413.
In the last 24 hours, $65.58M of Aptos have been traded and the volume has declined by 5.24%. The market cap of the crypto has also declined by 1.64%. The Aptos has infinite supply out of which the total supply is 1.05 Billion APT and the circulating supply of the coin is 239.78M APT. It has resulted in a fully diluted market cap of $5.07B and a market cap of $1.142B.
APT Crypto Will Still Have To Try Hard To Become Bullish
a by writer11_gsm on TradingView.com
The Aptos Crypto price is declining with the flow by following a declining channel pattern. It is making dark red candles on the charts indicating the absence of buyers in the market. This pessimistic behavior and sentiment of traders has brought the crypto’s price to a lower level.
With the consistent decline in price, the 50-day and the 200-day EMAs are following a death cross. It indicates a downtrend in the APT crypto price. It seems that the sellers are continuing to drag the price of the crypto to further lower levels.
Following the preceding downtrend, the RSI for the APT crypto is also negative on the charts, indicating a downtrend and a bearish cycle. It has declined below the 14-day SMA and the RSI is approaching towards the oversold zones. It is a highly bearish sign for any crypto.
Aptos Liquidation Analysis
The derivatives volume for the APT crypto has declined by more than 30% in the last 24 hours and has faced a huge long liquidation of $291.57K. It represents the dominance of sellers in the crypto. The following behavior has resulted in a long/short ratio of 1.0056.
Conclusion
The derivative and spot volume for the crypto has declined in the last 24 hours, indicating the lack of interest of traders in the APT crypto. The technical indicators like the EMA and the RSI are totally bearish on the charts. It is also following a negative market structure and declining to new lows.
Therefore, we can see a further lower level in the APT crypto price as the sellers are consistently dominating the coin’s price.
Technical Levels
- Support levels- $2.50 and $3.00
- Resistance levels- $13.60 and $18.60
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.