Aptos is a layer 1 proof of stake platform which uses MOVE language developed by META. The protocol tries to bring mainstream adoption to web 3 and also to empower the ecosystem of dapps. The protocol has a throughput of more than 150k which is way higher than the other cryptocurrencies. The high transaction of the protocol happens through the parallel execution engine. In Aptos protocol, all transactions are processed and validated afterwards.
Aptos has a TVL of $43.47 Million which was been on a consolidated mode for a long time. The majority of the TVL of APT is one the Pancake Swap. Meanwhile as per the data by token unlocks a large portion of APT tokens are coming soon in the circulation. The overall transaction of the protocol has seen a gain of 0.12% in the past three days. Meanwhile, the address growth of the Aptos has observed a decline of 8% in the last three days.
Aptos has a market cap of $2 Billion and is ranked 34th in the CMC. The volume of the asset price has seen a gain of 15% in the past 24 hours. The Volume to market cap ratio of APT token suggests a consolidated trend in price.
Will APT Price Rally Continue?
The weekly technical chart of the APT token suggests a weak bullish momentum in price. On the daily chart, Aptos has been seeing an upside parallel channel recovery. It is trading near the value of $7.5 with a small gain in the intraday session. The upside momentum of APT can see a halt near the value of $10.
Meanwhile, the downside trend of the asset price can observe a bounceback from $6. APT is trading below the 50 and 100 Daily Moving Averages. If the price jumps above the 50 DMA then a strong upside trend can be seen in the future.
APT RSI is near 52 with a strong positive slope in it, the indicator is bullish.
Summary
Aptos recently launched Petra mobile on play store which is a gateway for the protocol. APT token price is currently in a strong recovery and can see a new high in the future.
Technical Levels
Major Support:$6
Major Resistance:$10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/06/24/aptos-price-prediction-will-apt-price-hit-a-high-of-10-soon/