APTOS Crypto Analysis, Still Going Strong?

In the midst of the hype engulfing the new layer-1 blockchain network APTOS, the analysis regarding APT's original crypto price looks interesting.

The mainnet of the APTOS network was launched on October 18, 2022, which was enthusiastically welcomed by investors because it was built by former employees of Meta Inc. and brings a new, promising performance smart contract language.

A new smart contract language called “Move” is capable of enabling the network to process more than 100,000 throughput per second, ready to compete with the Solana (SOL) network.

Incredible Hype

Being the newest layer-1 (L1) blockchain project, APTOS is rapidly expanding its ecosystem by bringing ANS features and NFT space.

ANS is a feature that gives the name “.apt” to crypto wallet addresses, to simplify transactions and minimize human errors.

The APTOS NFT room presents a marketplace for digital collections that is quite busy, with the most popular being the Topaz platform.

The development of the ecosystem in the early days of its presence has attracted interest and attention among investors, resulting in the price of its native cryptocurrency, APT, soaring more than 100 percent since its launch on the crypto exchange.

According to chart data on crypto exchange Gate.io, the APT price has shot up around 141.75 percent from listing price to price at the time of writing.

This includes healthy growth as prices are still trying to bounce after prices slumped sharply from around US$15 on launch day.

In CoinMarketCap's data presentation, APTOS is currently ranked 44th by market capitalization, which is currently valued at US$1,205,074,236.

The launch of the IDO platform with the crowdfunding concept on the APTOS network, namely Aptpad Finance, will again provide a stimulus for investors to see how serious developers are in expanding the scope of the APTOS ecosystem to compete among the established L1 blockchains.

APTOS Crypto Price Analysis (APT)

Because the APT price is still new, the use of indicators such as the Moving Average and RSI is not appropriate because it requires price data that has a longer existence.

For technical analysis of the new APTOS crypto, price action is a step that is considered appropriate because it describes the current psychological condition of investors.

For a chance of bullish continuation, the price needs to break the resistance level at US$10.07 which is coming from the current closest high.

Given the rapid price growth (more than 100 percent), it allows for further sell-off for profit-taking.

However, in terms of selling volume, it is still lower than the previous buying impulse. This indicates a downside opportunity as a correction.

So, the support area is a potential point to see whether there is a chance for the price to bounce if it continues to depreciate. If this area is broken, investors should watch out for further downside opportunities.

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APTOS Crypto Analysis, Still Going Strong?

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