Aptos price rose to a crucial resistance level as fundamentals point to a potential rebound for the popular rival to Sui and Sei. The APT token was trading at $ 4.80, a few points above the year-to-date low of $3.80. It remains about 70% below the highest point in November.
Aptos, a Sui and Sei Riva, is Booming
Third-party data shows that Aptos, a popular rival to chains like Sui and Sei, is performing well even after its token’s value crashed by 70% from its peak in November last year.
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Artemis data shows that the supply of stablecoin on Aptos has remained steady at $1.1 billion in the last 30 days, higher than Cardano’s $30 million. Stablecoin addresses have jumped by nearly 18% to 1.1 million.
Additional data indicate that the number of transactions has increased by 53% to 65.9 million, while transaction volume rose by 77% to $24.7 billion. Soaring stablecoin transactions are a sign that more users are engaging with a crypto project.
Further data shows that the DEX volume on the Aptos network has jumped to a record high of $3.5 billion this month. It has been in an uptrend for five consecutive months, a trend that is likely to continue this year.
The total value locked (TVL) in Aptos has jumped to $1.2 billion and is nearing the all-time high of $1.25 billion. Soaring DeFi assets also signal that more cash is flowing into a chain, which is a bullish factor.
Meanwhile, another report by Nansen reveals that Aptos has been the third-fastest blockchain in the cryptocurrency industry over the past seven days. Its transactions grew by 20% during this period to 44.7 million, while the number of active addresses increased to over 4 million.
Aptos Price Technical Analysis
The daily chart shows that the APT price has crashed from last year’s high of $15.25 to the current $4.8. Most recently, the token has formed a falling wedge pattern, a highly bullish signal comprising two descending and converging trendlines. A falling wedge is one of the most bullish patterns in technical analysis.
Aptos is attempting to move above the 50-day Exponential Moving Average (EMA). Additionally, the Relative Strength Index (RSI) and the MACD indicators have continued to rise.
Therefore, the APT price will have a bullish breakout, with the next point to watch being at $8.23, the 38.2% Fibonacci Retracement level.
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