Aptos (APT) Succumbs To Bearish Pressure, Loses 10% In A Single Week

APT, the native cryptocurrency of the Aptos blockchain, continues to exhibit an underwhelming market efficiency in 2023. Following a considerably optimistic run originally of July, it appears the bears are again in management, with APT’s worth dipping by almost 10% within the final seven days.

This has just about been the case for the APT token for the reason that finish of January as its value has declined steadily since reaching its all-time excessive of $18.58 on January 26.

APT Falls By 14% In One Week – Worth Overview 

The Aptos token made a shiny begin to July, gaining greater than 13% in a number of days. Nonetheless, the outstanding altcoin has shed all its current good points, now buying and selling under the month’s opening value of $7.29.

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After reaching a excessive of $8.24 on July 4, the Aptos token skilled a big decline, bringing its worth to $7.15 two days later. 

Since then, it seems that the coin’s value has been shifting largely sideways. However it’s price noting that APT fell under the $7 value stage for the primary time this month on July 8. The token dropped under this stage once more on July 10 earlier than climbing again to $7.18 the next day.

As of this writing, APT is valued at $7.03, with a mere 0.3% acquire up to now 24 hours. In response to CoinGecko data, the coin has a market capitalization of over $1.48 billion, making it the Thirty sixth-biggest cryptocurrency. The Aptos token has a 24-hour buying and selling quantity of roughly $48.9 million, representing a 14.6% decline up to now day.

Is The Downward Pattern Over?

A have a look at the each day chart exhibits that the APT token faces important resistance on the $8 value zone. The token’s value has failed to interrupt via this stage twice up to now three weeks, falling again to $7 at every occasion. 

That mentioned, the each day Relative Power Index (RSI) signifies that the promoting stress is excessive in the mean time, having crossed under the 50 mark. This implies there might not be ample shopping for stress to push the token’s value above the $8 resistance.

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In the meantime, value motion knowledge reveals that APT has been caught in a downtrend channel for the reason that excessive of $16.22 made on February 16, 2023. Over the previous 5 months, Aptos has didn’t file a better excessive, whereas writing three decrease lows.

If Aptos continues in its descending pattern channel, we would see its value fall under $4. On the flip facet, if it manages to interrupt out of the downtrend channel and thru the $8 resistance, then cryptocurrency may attain a value of $10.

APT value in a descending pattern channel since February | Supply: APTUSD chart from TradingView

Featured picture from iStock, chart from TradingView