Journalist
Posted:
- Decentralized exchanges on Aptos saw a 678% increase in trading volumes in the past month.
- With APT’s Chaikin Money Flow (CMF) forming a bearish divergence, the price could undergo a correction in the coming days.
Trading volumes on decentralized exchanges (DEXs) hosted on Layer 1 (L1) blockchain Aptos [APT] up over 678.1% in the past 30 days.
Aptos DEX volumes are up 678.1% over the past 30 days. pic.twitter.com/DOyyKlHX6h
— ASXN (@asxn_r) September 29, 2023
Read Aptos’ [APT] Price forecast 2023-24
The surge came on September 26 after news emerged that South Korean cryptocurrency exchange Upbit had briefly tagged a scam APT token as the real network’s token and allowed its customers to trade the same.
Although many expected the incident to negatively impact the value of APT, the coin’s price reacted differently. A recent report from AMBCrypto noted that the coin registered a 5% growth in value 24 hours after the incident.
Aptos emerges victorious
In addition to the native currency, DEXes on Aptos also registered an increase in trading volume. According to data maintained by ArtemisAs of September 29, trading volumes on these platforms reached 5.5 million, representing the highest daily volume on a yearly basis.
For context, this was less than 200,000 on September 26 and grew by 2650% in just three days.
Source: Artemis
In terms of other growth metrics, the number of unique wallet addresses sending on-chain transactions daily has increased since September 21. With 66,950 daily active addresses on September 29, this has increased by more than 200% in the past seven days.
Interestingly, despite the increase in the number of daily active addresses and DEX volume, the number of daily transactions completed on the L1 has fallen over the past week. According to data from Artemis, this fell by 31% during that period.
Source: Artemis
APT may try to lose its profits
APT was trading at $5.35 at the time of writing and has lost almost 2% of its value in the past 24 hours, according to data from CoinMarketCap.
Among daily traders, accumulation continued. At the time of writing, the currency’s Money Flow Index (MFI) was above the midline at 60.81. This suggested that the buying pressure was greater than the distribution among the coin’s spot traders.
However, the coin could be about to initiate a correction and lose some of the gains recorded during the week. On a daily chart, APT’s price traded slightly above the upper band of the Bollinger Bands indicator.
How much are 1,10,100 APTs worth today?
When the price of a coin trades this way, it is considered overbought. This means that the price has risen significantly higher than the average price over time and is at risk of a pullback.
While the altcoin’s value rose over the past week, the Chaikin Money Flow (CMF) trended downward. This created a bearish divergence that often precedes a price retracement.
Source: APT/USD, TradingView