APT up 18% last week, possible market reversal?
Aptos (APT) has had impressive market performance in the past week, gaining 18.25% to become one of the biggest weekly gainers on CoinMarketCap. This price movement is significant for many APT investors since the APT market has been under bearish control for most of 2023.
Aptos’ Unimpressive 2023
Aptos started the year strong, surging over 500% to reach an all-time high price of $18.58 on January 26. However, the prominent altcoin has experienced a steady decline since then, with little insignificant price rises.
Due to this disappointing price movement, much concern has been raised about what was touted as “one of the most promising tokens of 2023”. The Aptos project, which was launched in October 2022, received a lot of hype when it entered the crypto space.
Much of this interest was driven by the blockchain being an indirect product of the now-defunct Diem blockchain initiative. Aptos boasts various impressive features, including a unique programming language – Move – a parallel execution engine, low transaction costs, and high-level security features.
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On June 10, APT was trading as low as $5.74, indicating a 69.11% decline from its all-time high value in January. However, following its recent impressive performance, many investors wonder if the altcoin could actually be readying for a market reversal.
Based on data from CoinMarketCap, APT is currently trading at $7.05, with a 5.38% gain in the last day. The token’s daily trading volume has also increased by 125.76%, reaching a value of $274 million. Meanwhile, APT’s market cap is currently at $1 billion.
APT trading at $7.02 | Source: APTUSD Chart On Tradingview.com
Is The Market Reversal On?
APT’s current bullish run has led to much speculation among investors, with many hoping the token could soon return to the glorious heights seen at the beginning of the year.
This discourse is further fueled by various on-chain activities, such as the gradual increase in daily user transactions on the Aptos network over the last few months.
According to data from aptscan.ai, an analytics tool native to the Aptos chain, the number of daily active transactions on the network increased from 75,806 on March 1 to 162,071 on June 16.
This continuous increase in adoption shows that many users have maintained their faith in the novel blockchain project despite the poor performance of its native asset.
According to popular price prediction site Coincodex, the current investor sentiment around APT is neutral, with a Fear & Greed index of 49, indicating the token may be a favorable investment at this point in time.
The team predicts APT to decline only by 0.86% in the next 5 days. They remain largely optimistic, backing an APT reversal as they project the token to hit a price of $15.32 in the next month.
However, note that these predictions are not to be relied on as financial advice. All investors are advised to do their due diligence before engaging in the market.