Aptos (APT): Will the Selling Pressure End at This Key Price Level?

Aptos (APT) has been on a massive price correction, losing 23.3% of its value over the past seven days. This has seen the altcoin drop from $18 to trade around $13, as of the time of writing.

With APT hovering over a key price level, the price action on the lower timeframes could determine if bulls are able to bounce back from this support level or if sellers will break below the level to extend the selling pressure. What do the metrics say?

Dipping Volume Spurs Sellers

Examining APT’s on-chain metrics using data from Coinmarketcap shows that its daily trading volume dipped by 46% over the past day. Typically, a decline in volume along with falling prices indicates a bearish trend.

This clearly hints at increased selling pressure on the lower timeframes for APT. This is further amplified with the Chaikin Money Flow’s (CMF) reading of -0.2, signifying significant outflow of capital from APT.

With the Relative Strength Index (RSI) fully bearish, it is most likely that APT sellers could break the bullish defense at $13. A full bearish candle close on the 4H and 12H timeframe would serve as a signal to further short the token.

Target levels would be between $9 - $10 which is another zone of possible buying pressure.

However, things could flip bullish in the event of a sharp change in market sentiment driven by fundamental price factors, such as BTC reclaiming the $70k price mark.

Inside Aptos

Aptos is a Layer 1 proof-of-stake (PoS) blockchain featuring a distinctive smart contract programming language named Move, based on the Rust programming language.

Aptos is facilitating mainstream adoption of web3 with a thriving ecosystem of DApps aimed at addressing real-world user challenges.

Recent data shows that Aptos’ TVL is up by more than 3x in 2024, standing at over $400 million, according to DefiLlama. Also, daily active users on the network is currently over 250,000, positioning Aptos as one of the fastest growing Layer 1 ecosystems.

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.