Aptos (APT) Dips 15% As New Innovations Fail To Spark Momentum
2024年9月6日 - 3:00AM
NEWSBTC
Although the market is attempting to rebound from its weak
September start, some altcoins – including Aptos (APT) – continue
to freefall despite the bulls’ attempts to make a return. According
to CoinGecko, APT’s current performance is lackluster with the
token falling 15% since last week. Related Reading: Investors
Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade
Meanwhile, Korea Blockchain Week has generated quite a lot of buzz
for Aptos. During this event, several on-chain developments have
been revealed. Although positive developments on-chain are a great
sign of long-term growth for the platform, investors and traders
are still struggling to overcome the market’s fear, uncertainty and
doubt. Aptos Continues Drive Down Towards $5.74 As of
writing, APT bulls have been aiming to wrestle control of the
token’s momentum in the short term. However, the bears are pressing
their advantage, targeting $5.74 in the short-term timeframe after
flipping the $6.12 support to resistance. The market’s
continuous downward trajectory is the primary reason for APT’s
underperformance. Driven by FUD from the broader financial market
that bled to the crypto market, APT might face continued losses in
the coming weeks. APT’s relative strength index (RSI)
suggests that the token’s downward trajectory will continue well
below the $5.74 support level. If this occurs, it might lead to a
bigger sell-off localized on APT’s market. This thesis has a
larger possibility to occur as CoinGlass notes that short positions
outnumber long positions in the past 24 hours further strengthening
the token’s bearish trajectory. Investors and traders should
monitor the coming release of macro indicators due today. As the
markets continue to price in a broader downturn, positive macros
will provide the needed boost for both the traditional markets and
the crypto market in the long term. Korea Blockchain Week Reveals
New Developments On Aptos The Aptos Experience in Korea Blockchain
Week continues to garner the attention of the community. Arculus, a
digital security platform, has partnered with Aptos for the
platform’s Aptos card. This has made tap-to-pay on Aptos possible,
improving the utility of the token and the platform itself.
Related Reading: Monero (XMR) Unfazed By Market Jitters, Climbs 13%
– Details On-chain, Aptos has also expanded since the start of the
year. According to the Head of Ecosystem of Aptos Labs Neil
Harounian, the platform has recorded $2 billion in bridged volume
with the total value locked (TVL) on chain ballooning 3x since the
end of 2023. This panel on stablecoin and payments at @Aptos
Experience is 🔥with panelists from: – @Visa on enabling payments
cross-border – @PayPal on the speed and finality of digital
payments on Aptos – @IDAfi24 on building regional regulated
stablecoin on Aptos Stablecoin summer &…
pic.twitter.com/R5aeRKMTVn — JC | TowneSquare ❏ 🟢 (@realjcz)
September 5, 2024 The Aptos Experience also hosted a talk about
stablecoins and payments on Aptos. Market giants like Visa and
PayPal joined in, providing insight into how stablecoins might be
implemented to solve real-world problems. With the ecosystem
continuing to innovate and expand through on-chain development,
Aptos could still grab a spot in the long-term side of the
market. Featured image from Medium, chart from TradingView
Monero (COIN:XMRUSD)
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