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Although the market is try To recover from the weak start in September, some altcoins – including Aptos (APT) – continue to freefall despite the bulls’ attempts to bounce back. According to CoinGecko, APT’s current performance is lackluster, with the token down 15% since last week.
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Meanwhile, Korea Blockchain Week has generated a lot of buzz for Aptos. Various developments in the chain were revealed during this event. While positive developments in the chain are a good sign of long-term growth for the platform, investors and traders are still struggling to overcome the fear, uncertainty and doubt in the market.
Aptos continues to fall towards $5.74
At the time of writing, APT bulls aim to wrestle control of the token’s momentum in the short term. However, the bears are taking advantage and targeting $5.74 in the near term after the $6.12 support turned into resistance.
The market’s continued downward trajectory is the primary reason for APT’s underperformance. Driven by FUD from the broader financial market bled in the crypto market, APT could face continued losses in the coming weeks.
APT’s relative strength index (RSI) suggests that the token’s downward trajectory will remain well below the $5.74 support level. If this happens, it could lead to a bigger sell-off in APT’s market.
This thesis has a higher chance of occurring if MintGlass notes that there are more short positions than long positions over the past 24 hours, further strengthening the token’s bearish trajectory.
Investors and traders should keep an eye on the upcoming release of macro indicators expected today. As markets continue to price in a broader downturn, positive long-term macros will provide much-needed impetus to both traditional and crypto markets.
Korea Blockchain Week unveils new developments on Aptos
The Aptos Experience during Korea Blockchain Week continues to capture the community’s attention. Arculus, a digital security platform, has partnered with Aptos for the platform’s Aptos card. This has enabled tap-to-pay on Aptos, improving the usability of the token and the platform itself.
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On-chain, Aptos has also expanded since the beginning of the year. According to Neil Harounian, Head of Ecosystem at Aptos Labs, the platform does included $2 billion in bridged volume, with total value (TVL) increasing threefold since the end of 2023.
This panel about stablecoin and payments on @Aptos Experience is 🔥with panel members from:
– @Visa on enabling cross-border payments
– @PayPal about the speed and finality of digital payments on Aptos
– @IDAfi24 about building regionally regulated stablecoin on AptosStablecoin summer &… pic.twitter.com/R5aeRKMTVn
— JC | TowneSquare ❏ 🟢 (@realjcz) September 5, 2024
Also the Aptos experience hosted a lecture about stablecoins and payments on Aptos. Market giants like Visa and PayPal joined in, providing insight into how stablecoins can be implemented to solve real-world problems.
As the ecosystem continues to innovate and expand through on-chain development, Aptos could still carve out a place in the long-term market.
Featured image from Medium, chart from TradingView
