Aptos is the latest blockchain and continues to gain momentum with its massive 18% increase. The price has been on a 7-day rally and is now trading at $8.79, representing a 0.74% decline from yesterday’s close.
Aptos team worked tirelessly to launch their project. Despite experiencing a rocky start with the price falling sharply, they’ve managed to stabilize things and are now seeing some positive momentum.
Aptos, in particular the NFT sector is expected to be one the best projects of this year. It is being hailed as the Solana Killer and has attracted many digital artists and community members.
Aptos is joined by other coins to lead gains as the market tries to revive
Aptos is barely a month old, but it’s already making big gains. The coin hit an all-time record of $10.22 just four days ago. The coin is now trading at $9, with a small correction. It fluctuates a little in value over the past day. The coin is considered one of the best. highest-performingThe last week’s cryptocurrency news.
But Aptos isn’t the only coin boasting substantial gains these past 7 days. Numerous other coins have seen substantial growth. Dogecoin saw a 41% rise in its value over the past seven days. But it wasn’t just Dogecoin that saw such gains. Cardano and Ethereum also saw similar gains of more than 20%.
It is clear that investors and traders are still interested in cryptocurrency markets. Additionally, many crypto whales are making big purchases of altcoins lately. According to a report by Reuters, the total cryptocurrency market cap reached $1 trillion for the first-time in October. Source: APTUSD price chart from TradingView.com Coingecko charts.
Aptos Price Movement Analysis
Since October 23rd, Aptos’s (APT) price has been moving in a descending parallel channel. These descending parallel channels usually show corrective actions. APT might have the ability to leave this channel if it is correct.
It has not been confirmed that either resistance or support lines have fallen. Furthermore, there is a possibility that APT’s price will fall below the channel’s middle line. The potential for a breakout could be stopped in this case. At the moment, APT buyers and sellers tend to congregate at $8.65. You may also find the horizontal support area and the 0.5 Fibonacci resistance level. This level could be breached and the bearish trend might accelerate.
According to the APT wave count, there is a positive trend in cryptocurrency. APT has shown a 5-wave progression since October 21. After that motion, you can best describe it as a WX-Y corrective structure. It was obvious that the decline might have been permanent. This could indicate APT’s imminent exit from the channel. If this is true, it may lead to an increase of price. $11.42 is the first high-water mark for this increase.
Featured image by Pixabay, chart from TradingView.com