Can APT Price Resurgence Continue & Break Channel?

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

This high transaction speed is achieved through a parallel execution engine (Block-STM) — a PoS consensus mechanism that is byzantine fault-tolerant (BFT). 

Unlike most blockchains that execute transactions one by one, which means that a single failed transaction or high network demand could delay the entire chain, Aptos processes all transactions at the same time and validates them later. 

The Failed transactions are either re-run or canceled, thanks to the blockchain’s software transactional memory libraries, which detect and resolve conflicts.Aptos is built using Move, a new smart contract programming language that claims to have benefits over Solidity, the EVM-based programming language. 

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

Aptos uses consensus protocols Proof-of-Stake and AptosBFT. AptosBFT is very similar to DiemBFT, which was originally developed for Diem. 

“BFT” means ‘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 tailor-made consensus algorithm based on the HotStuff protocol. While there are a lot of technical details behind how the protocol secures the network. Moreover, the algorithm analyzes the on-chain state and automatically updates leader rotations to adjust for non-responsive validators without human intervention.

Will Aptos Price Continue in Parallel Channel or Break This Time?

The APT crypto asset indicates buoyant potency as the RSI is above 50 and the MACD exhibits a tiny bullish cross, implying that the asset is still in positive territory and can push further up.

Also, the APT asset is demonstrating bullish strength and upward momentum as it keeps the price above major EMAs.

Further, the volume profile highlights an important level, where the price took a resurgence and pushed upwards.

At press time, the APT price displays an intraday surge of 3.32% in the last 24 hours and the current market price is trading at $10.265. The APT asset is producing intense bullish characteristics and could advance further.

Also, it illustrated adequate performance in the last month, and three months, by 40.23%, and 92.78% respectively, indicating a persistent and reliable upward movement.

The probability of more bullishness in the coming sessions is confirmed as the APT crypto price recovered from a key level of around $7.40 on the chart, which is also a high volume level.

Now, on having a closer glimpse, on the daily time frame chart in the Aptos crypto asset, APT is ready for a massive surge, as it builds up strength to blast through the barrier and skyrocket to new levels from the current demand zone.

Therefore, if the demand inclines remarkably for the APT price, the asset price could show a big bounce from the current level. Then, the next goal for the APT price is to reach $11.00.

On the flip side, if the APT crypto price fails to stay above the $9.00 level, it could decline further.

Summary

The APT asset is displaying extreme bullish qualities. It rose by 40.23% last month, and by 92.78% over the last three months, implying a steady upward movement.

APT recovered from the key level of $7.40 on the chart, which is also a high volume level. This confirms that the bullishness is going to continue further.

Therefore, if the demand increases sharply on the chart, the asset price could show a big bounce back from the current level. The next goal for the APT price is to reach $11.00.

Technical Levels

Support Levels: $9.00

Resistance Levels: $11.00

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.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.