Key Takeaways:
- The Aptos price has maintained a steep descending trend after it faced a massive rejection during the second fortnight of 2023.
- While the bulls are attempting to lift the price higher, the prevailing bearish pressure is restricting the token from surging beyond major resistance levels.
- Despite the current crypto market trend and the price movements, the development activity remains largely elevated, indicating the team is extremely serious about delivering a workable product.
Aptos has been in dire straits as the price has been following a steep descending trend for quite a long time. The bulls have constantly failed to elevate the price, resulting in significant bearish flags for the crypto. Despite a couple of positive rounds of news surrounding the crypto, the price remains under the bearish influence, which has been a huge matter of concern at the moment.
The Aptos Foundation recently offered grants worth $3.5 million to 50 new project teams to continue scaling on the Aptos blockchain. The grants will be distributed across four categories, developer tooling, infrastructure, education, and ecosystem, to achieve a broader Web3 ecosystem.
Besides, Aptos has also collaborated with payment processing pioneer Mastercard to establish trusted, compliant, and verifiable interactions on public blockchains. Other than Aptos Labs, Mastercard has also collaborated with Ava Labs, Polygon Labs, and the Solana Foundation.
Read more: Aptos Price Prediction
Aptos (APT) Technical Overview
Source: Tradingview
- The APT price is trading within a descending triangle and is about to test the lower support of the pattern.
- The price was expected to trigger a rebound, but the current trade setup flashes bearish signals for the crypto.
- The RSI is hovering along the lower ranges, while the price has dropped severely below the interim resistance at the 50-day MA in the long term.
- Therefore, the price may enter the support zone between $9.32 and $8.52 and remain consolidated for a while before undergoing the next price action.
Aptos (APT) On-Chain Overview
Aptos Development Activity
Source: Santiment
The development activity is recorded on the GitHib repositories and calculated by the number of commits placed on the platform. The development activity determines how serious the team behind the project is about delivering a workable product and polishing it with new features and upgrades. The market participants’ trust and confidence in the platform also depend on the development activity, which rises with a surge in the metrics.
Presently, the development activity is on the rise, as the levels have been marking new highs every day. It indicates the team behind the project is working hard to deliver new upgrades and features to the platform. Although the impact on the price is moderate, in the long term, this may be treated as a bullish indicator.
Aptos Weighted Sentiment
Source: Santiment
A platform’s popularity is dependent on the sentiments hovering around it. Weighted sentiments are one of the important sentiment analysis metrics that consider all the sentiments, regardless of whether they are positive or negative, and compare them with the frequency of their occurrence over time. The metric won’t have any significant changes when the volume is high, but the sentiment is mixed and may stay around 0.
The metric will spike when the social volume is very high and the sentiment around crypto is positive. But if the volume is high and the sentiments are negative, the levels drop, as in the present case. Now that the metrics have dropped below average levels, the price may also be considered undervalued, with the potential for a rebound.
Concluding Thought
Aptos’ price has plunged hard in recent times, attracting a large wave of bears onto the platform. In the meantime, the rise in development activity may undoubtedly look like a bullish indicator that may impact the price in the long term, as market participants may become bullish on APT price soon. Besides, the negative sentiments that prevail may also flip with a slight change in market sentiment.
