APT Price Rises 5% To $13 As Aptos Deepens Its Partnerships

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Aptos (APT) was trading at $13.71 after rising 5.13% over the last 24 hours. This follows a series of collaborations by the Aptos Foundation in an attempt to scale the use cases of the Aptos ecosystem in the Web3 space. However, these efforts may not be enough to prevent the APT price from falling further as validated by the technical setup.

Aptos Collaborates With Outlier Ventures To Launch The 2023 Move Accelerator Program

The Aptos Foundation is sponsoring an in-person accelerator program launched by Outlier Ventures, a renowned Web3 investor. 

The 12-week program is aimed at supporting startups building on the Aptos Network. The program, which will be based in Palo Alto, California, will kick off in May and will provide startups with up to $100,000 in funding. 

Outlier Ventures is a UK-based venture capitalist running one of the biggest accelerators in Web3. It has taken more than 220 Web3 startups under its wings since it began running the program four years ago. 

The Aptos initiative is an addition to the existing roster of Outlier’s programs. Among them are the Polygon basecamp, Filecoin basecamp, and a basecamp designed to develop zero-knowledge-proof technologies. It will be referred to as the “The Aptos x Outlier Move Accelerator.”

The California-based accelerator program is just one among several partnerships that Aptos has secured in the recent past including a joint accelerator program with Google Cloud, an equity investment with short-video app Chingari, and a partnership MoonPay.

Aptos is a relatively new Layer 1 Proof-of-Stake (PoS) blockchain that employs a novel smart contract programming language called Move, to mainstream adoption to Web3 and empowers an ecosystem of DApps to solve real-world user problems.

APT Price Sealed In A Downtrend As Bears Eye A Drop To $8

Aptos is at risk of completely undoing the over 442% gains made in January which saw the token trade above the $20 psychological level. APT is currently trading 31.5% below this high and has been sealed in a descending parallel channel over the last month. 

As long as the Aptos price continues to trade within the confines of the falling channel, it is set to continue dropping. As such, a daily candlestick close below the immediate support at $13.2 provided by the middle boundary of the prevailing chart pattern could see APT drop first to the 50-day Simple Moving Average (SMA) at $12.38 and later to the lower boundary of the channel at $11.7.

A drop below the channel would spell doom for the proof-of-stake (PoS) token. This is because a free fall toward the $8.0 demand area, where the 100-day SMA lay, was inevitable. This would represent a 41.81% drop from the current price.

APT/USD Daily Chart

APT Price Chart - Feb 23
TradingView Chart: APT/USD

Supporting the gloomy outlook for the APT price was the downward-facing Relative Strength Index (RSI). The price strength at 48 suggested that there were still more sellers than buyers in the market.

In addition, the Moving Average Convergence Divergence (MACD) indicator was facing downwards, an indication that the market conditions still favored the upside. Note that APT’s downward traction will gain momentum once the MACD crosses the neutral line into the negative region. 

On the upside, bulls needed to push the price above the upper boundary of the channel at $14.76 to invalidate the bearish thesis. If they succeed, the APT price would confirm a bullish breakout with the first line of resistance arising from the $18 psychological level and then the $20.39 swing high. 

Alternatives To APT

As the downside remains for Aptos, traders could consider FGHT, the native token of the Fight Out ecosystem, which has been performing well in presale. 

Fight Out is a move-to-earn (M2E) platform where users complete tasks that promote fitness and healthy living, earning rewards in return. Fight Out employs the M2E technology and utilizes an algorithm that tracks a user’s crucial data movement and effort, sleep, and diet. These are all geared towards developing a user’s profile fitness so that more customized training regimens can be provided.

The network’s FHGT token is currently in stage 2 of its presale with more than $4.56 million raised so far.

Visit Fight Out here to find out more on how you can participate in the ongoing presale.

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Source: https://insidebitcoins.com/news/apt-price-rises-5-to-13-as-aptos-deepens-its-partnerships