As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The recent surge of Aptos (APT) has certainly caught my attention, especially considering the broader market correction.
Amidst the ongoing correction in the altcoin market, I’ve found myself pleasantly surprised by Aptos’ impressive performance. The APT bulls have certainly come out on top, with the latest market figures showing a 18% increase in value since last week. This surge suggests that the token could continue to defy the bearish trends affecting the wider market, making it an intriguing investment opportunity for me and fellow traders.
While APT‘s shift in public perception has attracted significant interest, it remains unclear if this swift change of heart signals a strong step towards a more advantageous position. Recent events suggest that Aptos’s price surge might mark the beginning of an ascending trend, propelling the token to the center of investors’ and traders’ focus.
Aptos Q2 Performance Boosts Retail Interest
Recently, Messari released an ecosystem review on Aptos. The quarter posted excellent growth across almost every metric on the platform. DeFi numbers have also been up on Aptos. TVL on the platform has risen by 123% QoQ. As of writing, Aptos stands proud with $716 million in TVL and increased more than 11% in the last 24 hours.
The main reason for this expansion was the continuous increase in our platform’s user community. We’ve seen an impressive 43% quarter-over-quarter rise in daily new addresses, suggesting a significant surge in users ever since we went live.
Over 20 million addresses in less than 2 years. Big math, and big moves only.
As a researcher delving into the dynamic world of blockchain technology, I’ve been fortunate enough to gain insights directly from Moshe Abehsera, the visionary CEO and Co-Founder of Aptos Labs. He sheds light on the extraordinary expansion of the Aptos ecosystem, a topic that undeniably piques my curiosity.
— Aptos (@Aptos) October 11, 2024
In a recent interview, Aptos CEO and Co-founder Mo Shaikh revealed that the platform is operating for over 20 million addresses in only under two years. The growth experienced by the platform is largely due to an emphasis on user experience with Aptos capable of handling over 10,000 transactions per second, being one of the fastest L1s available in the market.
Rejection On $10.41 Inevitable, Swings Momentum To Short Positions
Even though APT has made a significant price jump over the past day, its bullish investors are currently trying to push through the resistance at $10.41. However, this breakthrough is likely to be denied for now, and it’s expected that the token will only sustainably rise above $9.31 in the near future.
Given that the token’s Relative Strength Index (RSI) has peaked, the near-term trend for APT seems to be heading south. At present, the token is expected to stay within its price range of around $9.31 to $10.41. In the short term, traders are aiming for a rise to $10.41, but in the medium term, the bulls have their sights set on this level.
However, investors and traders should still exercise caution as the token’s RSI signals that the token’s value will fall. As of writing, the bears aim to flip the $9.31 support to resistance with a long-term target of $7.90.
If the price of APT drops beneath $9.31 over the short-to-medium term, the overall investor confidence might decrease, potentially causing a more significant decline.
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2024-10-13 17:28