Aptos (APT), the cryptocurrency of choice, is experiencing a loss in bullish momentum. It’s heading towards a correction. Dubbed a “Solana Killer,” the APT token was launched last week, attracting the attention of market participants.
APT hype generated $150 million of Open Interest, $3Billion in futures volume and $1Billion in spot volume in less that a day. Aptos traded at $8.70 on the date of this writing. There has been a 10% drop in 24 hours.
After 1 day: $150 mil open interest, $3 bil futures volume, $1 bil spot volume…
It is going to drain the market of so much liquidity.$APT https://t.co/iMupyE21It
— Byzantine General (@ByzGeneral) October 19, 2022
Aptos Enters The Danger Zone
As seen in the chart below, APT’s price hit an all-time high of $10.2 before crashing into its current levels. Although the cryptocurrency trades in tight channels over the last two days, the price action suggests further downward pressure.
Aptos currently sits above $8.11, according to a pseudonym analyst. The price of the token might drop to its pre-rally level if it fails to maintain current levels.
As seen in the chart below, this downside move could retrace APT’s price back to the $7 region. The token could use that support zone to prevent further downside. It might also follow bullish sentiment, which suggests that the market is moving in the direction of bullish momentum.
If not, then the nearest support area will be around $6.7. It may lower its launch levels. Analyst is a pseudonym said the following about APT’s price action and the crypto market in general:
APT Bounce here, or it’s heading down to the green zone, I reckon (…) A lot of assets, including $BTC & $SPX, are breaking above the 4H 200MA & EMA’s. This is usually a signal of a mid-term to low time frame reversal. These levels must be maintained in the event of a test to verify a reversal.
Can PancakeSwap Save APT’s Price?
Traders betting on further downside pressure should be wary; current support levels might hold solely on cryptocurrency-generated hype. The PancakeSwap team will release this protocol via Aptos.
The implementation will include PancakeSwap’s native token CAKE, with the potential to onboard its users. Team behind the cryptocurrency exchange stated:
PancakeSwap’s first fully integrated blockchain is Aptos. PancakeSwap will be deploying its CAKE token natively on Aptos along with its key products, making the CAKE token truly multichain for the first time (…). Aptos users and PancakeSwap projects can also enjoy the PancakeSwap core products, such as Swap, Farm, Pools, and IFO.
We will see if the PancakeSwap user base adopts PancakeSwap’s exchange implementation on Aptos.