Aptos Outperforms Broader Market By 18% – Here’s Why
13 Octobre 2024 - 4:00PM
NEWSBTC
With the market correction still felt by most of the altcoin
market, Aptos rose through the ranks clutching a win for investors
and traders. APT bulls pulled through, with the latest market data
marking an 18% uptick in value since last week, a sign that the
token might continue to push through the bearish onslaught plaguing
the broader market. Related Reading: Whales Hoard $90 Million In
Bitcoin: A Sign Of What’s To Come? Although APT’s movement has
garnered much-deserved attention, it remains to be seen whether the
sudden flip in sentiment is a solid move toward a better position.
Recent developments have shown that Aptos’s recent price move is
the start of an upward trajectory that will place the token at the
forefront of investors’ and traders’ attention. 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. This growth was primarily due
to the gradually growing user base of the platform. Average daily
new addresses have been recorded to have grown by 43% QoQ, which
indicates a considerable level of growth in users since the launch.
Over 20 million addresses in less than 2 years. Big math, and big
moves only. Hear from @AptosLabs‘ CEO & Co-Founder, @moshaikhs,
for more on the rapid growth of the Aptos ecosystem 🌐🙌
https://t.co/klIMVqcQFg — 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 Despite APT’s
astonishing movement in the past 24 hours, APT bulls are in the
middle of a breakthrough attempt on the $10.41 resistance level
that will inevitably reject the current attempt before the token
stabilizes above $9.31 in the medium term. Related Reading: Helium
(HNT) Falters 15% As Crypto Market Tries To Bounce Back With the
token’s relative strength index (RSI) maxed out, APT’s short-term
trajectory can only point downward. As it currently stands, the
token will remain at its current $9.31-$10.41 trading range with
the bulls targeting $10.41 in the medium term. 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 APT does fall below $9.31 in the medium term, investor
sentiment will take a hit possibly leading to a deeper fall.
Featured image from Asia Crypto Today, chart from TradingView
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