Aptos (APT) Dips 12%—Latest Innovations Fail to Spark Momentum

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Although the market is attempting to rebound from its weak September start, some altcoins – including Aptos (APT) – proceed to freefall despite the bulls’ attempts to make a return. In response to CoinGecko, APT’s current performance is lackluster with the token falling 15% since last week.

Aptos Continues Drive Down Towards $5.74

As of writing, APT bulls have been aiming to wrestle control of the token’s momentum within the short term. Nonetheless, the bears are pressing their advantage, targeting $5.74 within the short-term timeframe after flipping the $6.12 support to resistance.

Source: Coinglass

The market’s continuous downward trajectory is the first reason for APT’s underperformance. Driven by FUD from the broader financial market that bled to the crypto market, APT might face continued losses in the approaching weeks.

APT’s relative strength index (RSI) suggests that the token’s downward trajectory will proceed well below the $5.74 support level. If this happens, it’d result in a much bigger sell-off localized on APT’s market.

This thesis has a bigger possibility to occur as CoinGlass notes that short positions outnumber long positions previously 24 hours further strengthening the token’s bearish trajectory.

Investors and traders should monitor the approaching release of macro indicators due today. Because the markets proceed to cost in a broader downturn, positive macros will provide the needed boost for each the standard markets and the crypto market in the long run.

APT is currently trading at $5.87. Chart: TradingView

Korea Blockchain Week Reveals Latest Developments On Aptos

The Aptos Experience in Korea Blockchain Week continues to garner the eye of the community. Arculus, a digital security platform, has partnered with Aptos for the platform’s Aptos card. This has made tap-to-pay on Aptos possible, improving the utility of the token and the platform itself.