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- Aptos, also called the Solana killer, is currently consolidating but may observe a strong rise in the future.
- Technical indicators of APT are favoring a consolidated momentum.It has seen a drop of 4% in the BTC pair.
Aptos is a layer 1 Proof of stake blockchain which employs smart contract programing language called MOVE. Aptos wants to bring mainstream adoption to Web 3.It can achieve high transactional output through parallel transactions. They raise more than $200 Million in 2022 through venture funds.They have also raised money from FTX ventures and Jump crypto. Mo shaikh and Avery ching are the founders of Aptos.Aptos has claimed that they can process over 150000 tps. It is way more compared to other crypto present in the market. It has a total supply of approximately 1 Billion and has circulating supply of 177 Million. It is currently up by more than 309% from it’s all time low. APT may see a strong rise in the future.
Aptos has a market cap of $2.2 Billion and is ranked 30th in the cryptoverse. Volume of the asset has seen a decline of 5% in the intraday session. Volume to market cap ratio of APT suggests a consolidated momentum.
Bears Of APT Are Pushing Down
The weekly technical chart of the APT suggests a consolidated trend in price. On the daily chart it is seeing a weak downside trend.APT is trading near the value of $12.48 with a small drop in the intraday session.Resistance of the Aptos can be seen near the value of $20.Meanwhile the support of the asset price can be seen near $10.It is trading below the 50 and above 100 DMA. There can be a positive crossover in the future which can push the asset price to a new high.
RSI of the asset price is near 55 suggesting its presence in the neutral zone. There is a downside slope which can push the asset price to a new low.
Conclusion
Aptos is currently seeing consolidated momentum despite the rise in the overall crypto market. Various analysts are expecting a strong rise in APT in future.
Technical Levels
Major Support:$10
Major Resistance;$20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
