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Why Did Aptos(APT) Price Rise Over 27% Today?

Why did aptos rise over 27% today?

Key Takeaways:

  • Aptos has been one of the biggest gainers amongst the top crypto tokens in the past week, not just 24 hours.
  • APT price has been able to gain over 40% in the past week and over 27% in the past 24 hours as of writing too.
  • Aptos has been in the news for quite some time now, especially amid the hype of its launch which happened as recently as October 2022 and since then has been performing decently well.

Aptos has been one of the latest entrants in the crypto market, being launched as recently as in October 2022 and since then has been on the news quite often. One of the biggest things to note however, is that it is down over 60-65% since its launch price. APT price traded for about $13.73 and is currently trading at about $5.3.

Additional Read: Aptos | Price Prediction

APT TECHNICAL OVERVIEW

APT/USD | Source: Tradingview

One of the most talked about crypto token in the past two months, Aptos has had a very sombre price action. Since the beginning of November, post the FTX crypto exchange collapse – APT price has been stuck within a narrow range between $4 and $5.4. APT price did fall under the consolidation zone for a brief while in before jumping back into the zone. Currently, in the past 24 hours – APT price in one fell swoop has managed to jump from the lowest point in the consolidation zone directly to the upper trendline. If it is able to break out of that, supported by positive broader market sentiments, we could see a strong recovery in the token.

To understand this coin from a technical point of view is slightly more difficult beyond what has been explained above. This is due to the lack of data thanks to the fact that it was only recently listed. However, from a broad perspective – its Relative Strength Index is at 75 as of writing, which is very close to the overbought zone and a correction in APT price might be due any time soon. However, APT price is also above its 50 day moving average (marked in cyan) which could act as a moderate level of support for the token.

APT WEIGHTED SENTIMENT IN THE POSITIVE ZONE

APT Weighted Social Sentiment | Source: Santiment

Weighted social sentiment is a metric that is used to analyze cryptos that combines the ratio of positive versus negative mentions over time versus the frequency of the overall mentions on socials. APT’s weighted social sentiment has been in the negative zone since the beginning of November 2022 but of late has spiked up, coinciding with the spike in APT price and has emerged into the positive territory.

This indicates that there has been a broad base shift in the social media mentions and the narrative for Aptos and it has moved from negative opinions to positive ones and thus indicates an improving sentiment amongst the participants regarding the particular coin.

Read More: Aptos Vs Solana

APT DEVELOPMENT ACTIVITY DIPPING

APT Development Activity | Source: Santiment

While APT price and weighted social sentiments might be turning positive, this is another very important metric that is showing concerning signals for the token. APT’s development activity has been actively rising since the beginning of the year, in the months leading up to the launch – which was pretty much along expected lines. Every development team behind a crypto project activity works to add features to their project, and ramps it up ahead of the launch.

However, about a month and a half before the launch of the coin – we began to see the development activity charts fall off, which could initially be accepted as marketing efforts go into overdrive as a launch comes nearer but even since the launch, this particular metric has remained on the lower side.

Conclusion

Thus in conclusion, it seems like the Aptos crypto token is on a weak footing. Despite the recent spike in APT price, overall it is still about 61% down from its listing price and thus in a very weak territory, despite being launched so recently. Along with that – its development activity has been very low and that indicates some concerning signals as well.

Prices as on 10 January, 2023.

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