Aptos (APT) has been in the spotlight for its recent surge, but despite hitting $10.70, the cryptocurrency remains unable to breach the elusive $12 mark. The following analysis explores the key factors behind the token’s price pullback and whether APT’s bullish momentum is fading.
Aptos Rally Stalls After Token Unlock
On October 11, Aptos was priced at $8.04, enjoying a rapid rise to $10.70 after its token unlock event. However, the rally was short-lived, with APT retracing to $9.99. Market sentiment and declining trading volume appear to be the main culprits behind this correction.
Market Sentiment Hits a Low
According to Santiment, the Weighted Sentiment around APT has dropped to its lowest point since July 18. This indicator measures how the crypto community feels about a token, with positive sentiment signaling optimism and negative sentiment suggesting growing pessimism.
The current bearish sentiment indicates a shift in market perception, making it challenging for APT to attract new buyers. Without renewed optimism, the price could remain stagnant or fall further.
APT’s trading volume saw a significant boost, reaching $600 million on October 13, supporting the price rally at the time. However, the excitement has since waned, with trading volume plummeting to $210.46 million. This decline reflects dwindling interest and buying pressure, which may drive the price further down if the trend persists.
Historical Resistance at $10.76
APT’s current price action mirrors previous patterns from earlier in 2023, where the token struggled to maintain momentum above the $10 mark. The key resistance level at $10.76 continues to pose a formidable challenge, suggesting that any upward movement could be capped before reaching $12.
Given the bearish sentiment and declining volume, analysts predict that APT’s price could drop by 15% to $8.55 if demand fails to recover. However, if buying pressure surges and trading volume rebounds, the token might still rally toward $12.35, invalidating the current bearish outlook.
Also Read: SUI Surges 7.55% And Aptos Approaches $10 – Will They Lead The October Crypto Rally?
While Aptos has shown glimpses of bullish momentum, breaking through the $12 barrier remains a tall order. A sustained recovery in sentiment and increased trading volume are crucial for APT to regain its upward trajectory. Until then, market participants may need to brace for further volatility.
With resistance levels intact and market sentiment low, will APT defy the odds, or is another dip inevitable? All eyes are on Aptos to see how the next few days unfold.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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