Aptos (APT) Dips 15% As New Innovations Fail To Spark Momentum

Christian Encila

9 months ago

3 mins read

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Although the market is attempting to rebound from its weak September start, some altcoins – including Aptos (APT) – continue to freefall despite the bulls’ attempts to make a return. According to CoinGecko, APT’s current performance is lackluster with the token falling 15% since last week.

Meanwhile, Korea Blockchain Week has generated quite a lot of buzz for Aptos. During this event, several on-chain developments have been revealed. Although positive developments on-chain are a great sign of long-term growth for the platform, investors and traders are still struggling to overcome the market’s fear, uncertainty and doubt.

Aptos Continues Drive Down Towards $5.74

As of writing, APT bulls have been aiming to wrestle control of the token’s momentum in the short term. However, the bears are pressing their advantage, targeting $5.74 in the short-term timeframe after flipping the $6.12 support to resistance.

The market’s continuous downward trajectory is the primary reason for APT’s underperformance. Driven by FUD from the broader financial market that bled to the crypto market, APT might face continued losses in the coming weeks.

APT’s relative strength index (RSI) suggests that the token’s downward trajectory will continue well below the $5.74 support level. If this occurs, it might lead to a bigger sell-off localized on APT’s market.

This thesis has a larger possibility to occur as CoinGlass notes that short positions outnumber long positions in the past 24 hours further strengthening the token’s bearish trajectory.

Investors and traders should monitor the coming release of macro indicators due today. As the markets continue to price in a broader downturn, positive macros will provide the needed boost for both the traditional markets and the crypto market in the long term.

APT is currently trading at $5.87. Chart: TradingView

Korea Blockchain Week Reveals New Developments On Aptos

The Aptos Experience in Korea Blockchain Week continues to garner the attention of the community. Arculus, a digital security platform, has partnered with Aptos for the platform’s Aptos card. This has made tap-to-pay on Aptos possible, improving the utility of the token and the platform itself.

On-chain, Aptos has also expanded since the start of the year. According to the Head of Ecosystem of Aptos Labs Neil Harounian, the platform has recorded $2 billion in bridged volume with the total value locked (TVL) on chain ballooning 3x since the end of 2023.

This panel on stablecoin and payments at @Aptos Experience is 🔥with panelists from:

– @Visa on enabling payments cross-border
– @PayPal on the speed and finality of digital payments on Aptos
– @IDAfi24 on building regional regulated stablecoin on Aptos

Stablecoin summer &… pic.twitter.com/R5aeRKMTVn

— JC | TowneSquare ❏ 🟢 (@realjcz) September 5, 2024

The Aptos Experience also hosted a talk about stablecoins and payments on Aptos. Market giants like Visa and PayPal joined in, providing insight into how stablecoins might be implemented to solve real-world problems.

With the ecosystem continuing to innovate and expand through on-chain development, Aptos could still grab a spot in the long-term side of the market.

Featured image from Medium, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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