Aptos is making some serious noise in the crypto market, and traders are buzzing about its potential, because with 7x increase in on-chain activity, this ecosystem isn’t just growing but exploding!
Active users have jumped from 1.3 million to 8.8 million in this year.
Price action
As of now, Aptos is trading at $12.5, after it flirted with support at $11.14 and is eyeing resistance at $14.15.
If APT can break through that resistance, it might just set its sights on $19.47, remember that number, it’s significant from its previous highs!
But if it doesn’t manage to push past $14.15, we could see it hanging around the $11.14 mark, where buyers have shown interest before.
The Fibonacci retracement levels are highlighting those critical price points of $11.14 and $14.15 as key players in this game.
Plus, the ADX indicator is sitting at 20.73, which indicates that the trend strength is pretty weak right now. In simpler terms, Aptos needs some buying pressure to break through that resistance and confirm a bullish trend.
Is retail losing interest?
Now, here’s where things get interesting, because Aptos’ social dominance has taken a nosedive from 0.1% yesterday to just 0.073 today, and this drop suggests that retail interest is weakening, which often means less speculative trading activity.
But don’t sweat it too much, this could also mean that long-term investors are quietly gathering their chips while staying optimistic about what Aptos can achieve.
Looking at the Long/Short Ratio for APT, we see that 51.83% of traders are betting long while 48.17% are shorting it.
Quite balanced, no one knows what’s next, but maybe this slight tilt towards bullishness reflects a sense of cautious optimism in the market right now.
No more speculation?
Open Interest has dipped by 10.19%, landing at $267.45 million, a sign that speculative interest might be cooling off a bit.
This drop could mean less short-term volatility as traders sit back and wait for a clear signal before diving deeper into their wallets.
So, what does all this mean for Aptos? Well, if it can collect enough buying power to break through those resistance levels and reignite retail interest, we might just see that climb toward $19.47 happen sooner than we think!
Have you read it yet? Is Bitcoin’s 21 million cap in jeopardy? C’mon!
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