Table of Contents
Aptos (APT) defied the short-term market retracement to break above another resistance level and extend its bullish run. Over the past 24 hours, Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies experienced a sharp price drop before paring losses.
BTC dropped from its all time high of $69.1k to $59.4k before recovering to trade at $66.6k, as of the time of writing. Major altcoins such as ETH, SOL, LINK also followed this price action with a sharp drop and a price recovery afterwards.
However, strong capital inflows into APT saw the altcoin stay ahead of the market volatility with buyers looking to hit $20.
Bulls Sustain Buying Pressure
The daily timeframe chart highlighted the dominance of buyers on APT’s price action. This was evidenced by the sharp price rise on Feb 28 and again on Mar 5. Both bullish candles broke existing selling pressure at the $11 and $13 price levels respectively.
Building on these bullish gains, the Chaikin Money Flow (CMF) rose to +0.27, signaling more capital flowing into APT. Similarly, the Relative Strength Index (RSI) stayed in the overbought zone to show massive buying pressure.
Based on these indicators, buyers can open long positions between $14-$15 with a target to reach $20.
The Aptos Ecosystem
Aptos is an L1 (Layer 1) blockchain with a primary focus on safety and scalability while driving growth of its decentralized network and developer ecosystem. Its key features include a parallel execution engine, high-level security features and low transaction costs.
As of today, Aptos has achieved transaction speeds of 7.3k per second, 2.3 million monthly active users, 473 million transactions, and 400 total nodes.
The Aptos use-case cuts across decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, entertainment, and socials. APT is the native token of the Aptos chain and as of today, it has delivered a 2.8x from its 2023 low of $4.8.
Recently, the Aptos Foundation and Jambo Technology announced the launch of a Web3 smartphones with a price tag of just $99. The JamboPhone targets users in Africa, Southeast Asia and Latin America and is available in over 40 countries. The device is integrated with the Aptos network via pre-installed apps, such as the Aptos-compatible wallet Petra.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
%20Breaks%20Key%20Resistance%3B%20Aims%20for%20%2420){kind=link}