Journalist
Posted:
- APT was down by more than 1.5% in the last 24 hours until press time.
- Metrics and market indicators remained bearish.
The bearish market condition has restricted most cryptos’ prices from rising, and Aptos [APT] was no expectation. The market was in a “fear” phase at press time, many expected a change in trend over the coming days. But that might not be the case with APT, considering its approaching token unlock.
Read Aptos’s [APT] Price Prediction 2023-24
Aptos’ price declines
CoinMarketCap’s data revealed that APT’s price had declined by more than 1.5% in the last 24 hours. At the time of writing, it was trading at $5.51, with a market capitalization of over $1.2 billion.
The declining price trend might continue as APT’s token unlock neared, scheduled on 12 September. An increase in circulating supply generally causes a dip in demand, which in turn pushes an asset’s price down further.
As per Token Unlocks, the unlock will inject 4.54 million APT, worth over $25 million. At press time, APT had 229,653,024 tokens circulating in the market. To date, 82% of the token’s total supply remains locked.
Source: Token Unlocks
More trouble for Aptos
Apart from the upcoming token unlock, a check on the blockchain’s on-chain performance also raised a few red flags. For instance, negative sentiment around APT spiked quite a few times last week. Its one-week price volatility also plummeted.
Another reason for concern was Aptos’ Open Interest, which rose as its price dropped. A hike in the metric typically leads to a continuation of the ongoing price trend, increasing the chances of a plummet.
Source: Santiment
Realistic or not, here’s APT’s market cap in BTC’s terms
The chances of a trend continuation were further proven by APT’s market indicators. The Relative Strength Index (RSI) took a sideways path over the last few days. Moreover, the Money Flow Index (MFI) and On Balance Volume (OBV) followed a similar trend.
However, it was pertinent to note that despite a drop in price, the MACD remained in the buyers’ favor, as it displayed a bullish crossover as of 6 September.
Source: TradingView