Home
News
- 1 Aptos TVL has been on a constant decline from May 2023 and is near $47 Million
- 2 APT token price is currently observing a weak consolidated trend. It is currently trading near the value of $5.63
Aptos is layer 1 proof of stake blockchain whose working language Move was developed by Meta engineers. Their vision is to bring Web 3 to a common user and empower the Dapp ecosystem. The APTOS network can achieve a throughput of 150,000 transactions per second which is high as compared to other networks.
Aptos is the brainchild of MO and Avery who were the former employees of the META. They were working initially on the Diem Blockchain and then decided to move for Aptos. APT token has no maximum supply and has a maximum supply of 228,545,480 APT. Meanwhile a token unlock for the protocol is coming on 12 sep 2023. The overall APT unlock will be 1.5 to 2% of the total supply. Recently Aptos joined hands with Microsoft to increase the adoption of web 3 towards the common users.
Aptos has a market cap of $1.28 Billion and is ranked 35th in the cryptoverse. Meanwhile, the TVL of the protocol has been observing a decline and is near $47 Million. The volume of the asset has observed a decline of 1.29%. Volume to market cap ratio of APT suggests a weak consolidated trend in price.
Is APT Bulls Gearing Up For A New High?
Aptos token price is currently observing a strong bearish momentum on the weekly technical chart. On coming to the daily chart, the asset price is trading near the value of $5.6 with a small drop in the intraday session. The upside trend of APT can see a halt near the value of $10. Meanwhile, the downside trend of the asset price can observe a bounceback from $5. APT token price is currently trading below the 50 and 100 Daily Moving Average. If the price sees a rally above the DMA then a strong upside momentum can be observed in the future.
The RSI of APT token price is near 37 suggesting its presence in the neutral zone. The overall sentiment of the RSI is neutral.
Summary
Aptos has been working consistently towards bringing Web 3 towards mass adoption. Recently they collaborated with Microsoft for the same reason. APT token unlock is coming on 12th september which can push the price down. Various analysts are expecting a strong rise in Aptos token by the end of 2023.
Technical Levels
Major Support:$5
Major Resistance:$10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
