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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bulls Against The Ropes, Why Aptos Is At Risk Of Crashing To $7

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Aptos APT APTUSDT

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The cryptocurrency of the hour, Aptos (APT), is losing bullish momentum and heading for a correction. Dubbed a “Solana Killer,” the APT token was launched last week, attracting the attention of market participants. 

Related Reading

Aptos APT APTUSDT

Bulls Against The Ropes, Why Aptos Is At Risk Of Crashing To $7

2 years ago

The hype around APT generated over $150 million in Open Interest, $3 billion in futures volume, and $1 billion in spot volume in less than a day. At the time of writing, Aptos trades at $8.70, with a 10% loss in the last 24 hours alone. 

After 1 day: $150 mil open interest, $3 bil futures volume, $1 bil spot volume…

This is going to suck so much liquidity from the market.$APT https://t.co/iMupyE21It

— Byzantine General (@ByzGeneral) October 19, 2022 

Aptos Stepping Into The Danger Zone

As seen in the chart below, APT’s price hit an all-time high of $10.2 before crashing into its current levels. The cryptocurrency has been trading sideways in a tight channel over the past two days, but the price action hints at further downside pressure. 

Aptos APT APTUSDT Chart 1
APT’s price trends lower on the 4-hour chart. Source: APTUSDT Tradingview

According to a pseudonym analyst, Aptos sits at critical support north of $8.11. If the token fails to hold its current levels, the price might return to the pre-rally region. 

As seen in the chart below, this downside move could retrace APT’s price back to the $7 region. If that zone operates as support, the token might prevent more downside and follow the general sentiment in the market, which hints at bullish momentum. 

Otherwise, the next support area is around $6.7, possibly lowering its launch levels. The pseudonym analyst said the following about APT’s price action and the crypto market in general:

APT Bounce here, or it’s heading down to the green zone, I reckon (…) A lot of assets, including $BTC & $SPX, are breaking above the 4H 200MA & EMA’s. This tends to be a good indication of a low to mid timeframe reversal. Of course prices do have to hold these levels in case of a retest to confirm such a reversal.

Aptos APT APTUSDT Chart 2
APT’s price sits at the bottom of a channel. Will it bounce? Source: DaanCrypto

Can PancakeSwap Save APT’s Price?

Traders betting on further downside pressure should be wary; current support levels might hold solely on cryptocurrency-generated hype. In addition, the team behind PancakeSwap will launch this protocol on Aptos.  

The implementation will include PancakeSwap’s native token CAKE, with the potential to onboard its users. The team behind the crypto exchange said:

Aptos is the first blockchain which PancakeSwap will be fully integrated with. PancakeSwap will be deploying its CAKE token natively on Aptos along with its key products, making the CAKE token truly multichain for the first time (…). Additionally, Aptos and PancakeSwap users and projects will be able to enjoy all the core beloved products of PancakeSwap such as Swap, Farm, Pools and IFO.

Related Reading

Klaytn (KLAY)

Klaytn (KLAY) Cracks 30% Gains As Price Breaks Downtrend, Is $0.4 Possible?

10 months ago

It remains to be seen if this exchange implementation on Aptos will persuade PancakeSwap users to adopt the platform.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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