Aptos (APT) price has recently experienced a notable price increase despite a general downturn in the broader market. Over the past week, the Aptos has climbed over 27%, showcasing a robust potential for market recovery. This impressive performance uptick suggests strong momentum for APT amidst uncertain market conditions.
Aptos Price Analysis: Strong Momentum Amid Market Downturn
At the time of reporting, the Aptos price hovered at $7.44 during the U.S. time frame. The cryptocurrency has shown a significant upward trend, with a 6% increase over the past 24-hours. This rise is reflected in the market cap, which has grown by 6% to $3.6 billion, positioning Aptos as the 25th largest cryptocurrency by market cap. The trading volume over the last 24 hours has seen a strong surge of 65.89%, amounting to $191 million.
If the Aptos price breaks above the $8 resistance mark, it could witness a notable increase. Such a move would set the stage for a potential climb to the $9 level, and a sustained rise might even target the critical $10 resistance point.
The Relative Strength Index (RSI) is currently positioned at 61, indicating a strong buying momentum without being overbought. Meanwhile, the Moving Average Convergence Divergence (MACD) presents a bullish crossover. The MACD line (blue) crosses above the signal line (orange), further confirming the upward trend.
According to Coinglass, trading activity for Aptos has seen a significant surge, contributing to its bullish price trend. The volume has increased by 94.17%, reaching a substantial $405.91 million.
The open interest, which indicates the total number of outstanding derivative contracts that have not been settled, has risen by 23.38%, amounting to $115.62 million. This spike in trading volume and open interest suggests a growing interest and a potentially stronger market for Aptos.
Conversely, a market downturn could see Layer 1 retreat to the $7 support level. Continued downward pressure could further depress its price to around $6. This decline would indicate a shift toward a bearish market phase.
Frequently Asked Questions (FAQs)
If the momentum continues, Aptos could potentially target the $10 mark.
Aptos claims to achieve a theoretical transaction throughput of over 150,000 transactions per second through its parallel execution capabilitie
The mainnet of Aptos launched on October 18, 2022, following the Aptos genesis event on October 12, 2022.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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