Journalist
Posted:
- APT is down more than 1.5% in the last 24 hours to press time.
- Statistics and market indicators remained bearish.
The bearish market conditions have prevented the prices of most cryptos from rising Aptus [APT] was not an expectation. The market was in a “fear phase” at the time of writing, with many expecting a trend change in the coming days. But that may not be the case with APT, given the impending token unlock.
Read From Aptos [APT] Price prediction 2023-24
The price of Aptos drops
CoinMarketCaps facts revealed that APT’s price had fallen by more than 1.5% in the past 24 hours. At the time of writing, it was trading at $5.51, with a market capitalization of over $1.2 billion.
The downward price trend could continue as APT’s token unlock approaches, scheduled for September 12. An increase in circulating supply typically causes a decrease in demand, which in turn pushes the price of an asset further down.
From Token unlocks, the unlock will inject 4.54 million APT, worth more than $25 million. At the time of writing, APT had 229,653,024 tokens in circulation on the market. To date, 82% of the token’s total supply remains locked.
Source: Token Unlocks
Even more problems for Aptos
Aside from the upcoming token unlock, a check on the blockchain’s performance also raised some red flags. For example, there is a negative sentiment around it APT peaked a few times last week. One-week price volatility also plummeted.
Another cause for concern was Aptos’ Open Interest, which rose as the price fell. An increase in the statistic usually leads to a continuation of the ongoing price trend, increasing the chance of a decline.
Source: Sentiment
Realistic or not, here it is The market capitalization of APT in terms of BTC
The chances of a trend continuation were further proven by APTs market indicators. The Relative Strength Index (RSI) has followed a sideways path in recent days. Furthermore, the Money Flow Index (MFI) and On Balance Volume (OBV) followed a similar trend.
However, it was pertinent to note that despite a price decline, the MACD remained in favor of the buyers as it showed a bullish crossover from September 6 onwards.
Source: TradingView