Will APT Crypto Price Break Previous Swing Low?

Aptos is a Layer 1 blockchain that utilizes Proof-of-Stake (PoS) and objects to bring web3 to the mainstream and enable an ecosystem of DApps to address real-world user issues.

This high transaction pace is attained through a parallel execution engine known as Block-STM, which is a PoS consensus mechanism that is byzantine fault-tolerant (BFT).

Unlike most blockchains that execute transactions one by one, which implies that a single failed transaction or high network demand could delay the entire chain, Aptos processes all transactions simultaneously and authenticates them afterward.

Failed transactions are either re-run or canceled, due to the blockchain’s software transactional memory libraries, which detect and unravel conflicts. Aptos is built using Move, a new smart contract programming language that is better than Solidity, the EVM-based programming language.

This involves blockchain commands that can be easily checked, modification of private keys, and modular design of Aptos.

“BFT” stands for ‘Byzantine Fault-Tolerant,’ and a network is said to be Byzantine fault-tolerant if it can keep working normally even if some of its members become offline or malicious.

AptosBFT is a custom-made protocol centered on the HotStuff protocol which has many technical details on how it secures the network. Furthermore, the algorithm analyzes the on-chain state and automatically updates leader rotations to adjust for non-responsive validators without human intervention.

APT Crypto Price Analysis On 1-D Time Frame

As per the past price action, the APT crypto start was not good, the price dropped from $8 to $3 by 2022 end.

However, 2023 was lucky for Aptos, because from the 1st week of the year, there was a surge in the number of buyers and the price action displayed strong momentum.

In the span of a mere 30 days in January 2023, the APT price exhibited a 550% spike jumping from $3 to $20.

However, the APT crypto has shown a sign of weakness as the price retreated from a critical level of around $20. In the process, it attempted to sustain above $10, but the 2-month struggle was in vain as the price slipped further and crashed around $5, by October 2023.

This $5 support became an important order block where orders were present from the buyers, and the price surged again. In January 2024, APT crypto is moving downwards and can retract back to the order block if the selling pressure increases.

The current market price is $8.59 with a 1.38% intraday loss. If it fails to sustain above the previous swing low of $8, APT crypto could mark new depths and along the process, could reach an order block as well.

Furthermore, the EMAs are also acting as a dynamic resistance as it is below 20, and 50-Day bands.

The technical tools including the MACD and RSI are displaying bearish characteristics. On a further note, the MACD is making a bearish cross and the RSI curve is below the 50 line.

On the flip side, if it manages to sustain at the immediate level and rises, then it could rise to retest $10, again.

Summary

The price movement is bearish on the daily time frame and is below the EMAs. The technical tools such as MACD and RSI are both displaying bearish characteristics. On a further note, the MACD is making a bearish cross and the RSI curve is below the 50 line. If the price action fails to sustain above the previous swing low of $8, the APT crypto could see new depth and along the process, could reach an order block as well.

Technical Levels

Support Levels: $8

Resistance Levels: $10 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.