Trent Rhode
Aptos, a layer 1 blockchain hosting the APT token, has been enjoying an impressive surge in value since the beginning of the year. Year-to-date its price has soared 400%, recently reaching an all-time high of $20.40. Currently, the Aptos price is at $18 and it is down by 2.05% for the day.
Why has APT been getting so much attention lately and can it break through $20 to parabolically hit $100 in the near term? Here are three reasons why the Aptos price is experiencing parabolic growth:
1. Industry-Wide Crypto Recovery Impacts Aptos Price
The overall recovery in the cryptocurrency market has pushed altcoins to the upside so far in 2023, with many promising projects experiencing rapid price increases. Aptos, already having generated a lot of buzz thanks to its high profile background and team, has also caught the crypto market rally wave.
However, its price has been rising faster and more consistently than most of the other altcoins due to the clear market perception that the coin’s price was being suppressed by tough market conditions.
2. Success Breeds Success
As Aptos continues to set new highs, both traders and investors are vying for a piece of the action. With an impressive 100% rise in trading volume within the last 24 hours, it’s clear that Aptos is snowballing, with traders beginning to FOMO in to the coin hoping they can make the most of its strong bullish trend.
3. Upcoming Developments
Aptos recently hosted its first AptosMoveMonday of 2023, where its cofounders announced upcoming community events, including the Aptos World Tour, various conferences, and developer meet-ups. They also discussed promising upcoming 2023 developments for Aptosa.
This generated excitement and interest in the project and likely contributed to the price surge. On top of announcements by the team, Binance also announced on January 20 that it will be opening two new liquidity pools for Aptos in the near future.
You're about to see a bunch of Aptos NFTs flood the market over the next few days/weeks imo.
Where there's a massive pump, there's [sudden] massive interest and innovation.
It's all genuine and we're all here for the uhhh tech.
— Loma (@LomahCrypto) January 22, 2023
These are a few of the reasons that the Aptos price has been skyrocketing in the past weeks, but there are surely others, including a perception that its unique layer 1 solution could offer value to the blockchain space, increasing interest around using its blockchain for NFTs, and its strong financial support will help it get off the ground.
Besides these fundamental reasons for the increasing popularity of Aptos, there are, of course, technical reasons for why its price may be spiking. Looking at the charts, we can also get a better idea of where the Aptos price may head in the near future.
Aptos (APT) Price Prediction and Technical Analysis
The 20-day and 50-day exponential moving averages (EMAs) are both under the current price, with the 20-day EMA at $10.33 and the 50-day EMA at $7.53. This indicates that the short and medium-term trend is likely still bullish.
The MACD indicator is also indicating a bullish trend. The previous day’s MACD histogram was 0.9063, and the current day’s histogram is 1.1044, indicating a short-term bullish momentum.
The RSI currently has a reading of 87.55. While an RSI reading above 70 is considered overbought, other indicators suggest that the immediate trend is still strongly bullish.
The volume is also indicating bullishness, with a current volume of 10.026 million and a volume moving average of 18.77 million. The previous day’s volume was 25.572 million, which is also above the volume moving average, indicating a high level of interest in the token.
The previous day’s price movement was an impressive 48.94%, and the current price is $18, with a movement of -2.05%. This shows a slight consolidation with the price fluctuating near the extended Fibonacci level of FIB 1.414 at $19.38.
The immediate resistance level is at $19.89, while the immediate potential support level is at its current level of $17.74, which also coincides with the extended Fibonacci level of 1.272. The next potential target is the psychological resistance of $20, then the extended Fibonacci level of 1.618 at $21.73.
Overall, technical indicators suggest that Aptos is in a bullish trend and traders should consider buying dips and holding for potential upside. With the cryptocurrency continuing its run to set its all-time high without any price targets in sight, traders are advised to trade intra-day in search of potential setups and to exercise maximum risk management strategies for capital preservation.
In conclusion, Aptos has seen a significant surge in value due to the overall recovery in the crypto market, increased activity and trading volume, community engagement, and upcoming developments. The current bullish trend is expected to continue, with a high likelihood of Aptos setting a new price high and possibly trading above the $20 level in the near term, potentially even hitting $100 in the medium to long term.
Aptos Crypto Investment Alternatives
As the markets continue to rally and large cap coins see their prices stabilize, investors have been flocking to small cap crypto presales in an effort to find higher returns. One such project gaining momentum is Meta Masters Guild (MEMAG), a Web3 gaming guild that has raised over $1.45 million in its presale.
The Fight Out (FGHT) and Calvaria (RIA) projects have also made significant progress in the play-to-earn genre. The former has already surpassed $3.3 million during their presale period while the latter is nearing completion of their own presale with just under $10k left before it’s finished. Act now if you’re looking to invest–both projects offer attractive incentives for participating early.
Related:
Why Crypto Prices Are Edging Higher as Market Cap Reaches $1.05 Trillion
Best Altcoins to Buy Today 26th January – APT, MEMAG, GMT, CCHG, OP, RIA, APE, TAMA
Is Solana Price A Buy After Dipping 5% to $23.31 or Will it Retrace Lower?
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Trent Rhode.
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