- APT jumped 22.29% in the weekly rankings.
- Amid a 148% increase in trading volume, Aptos’ market capitalization increased by 10%.
Aptos (APT) defied the current altcoin trend and saw massive gains. Although Bitcoin (BTC) saw a significant drop, altcoins suffered the most.
The overall altcoin market cap has declined by 60% compared to BTC’s 15%. However, APT has defied this massive decline by reporting gains in market cap, trading volume, and price.
Apt sees increased demand
Over the past 30 days, APT has seen considerable gains on the price charts. Its trading volume has surged by 148% in the past 24 hours to reach $219.8 million at press time.
According to Coinglass, APT’s trading volume has increased from $66 million to $73 million in the last 24 hours. The gains on the daily charts show increased demand and market frenzy around APT.
Source: Coinglass
Similarly, Apt’s market cap increased by 10% in the last 24 hours to $3.022 billion. The increase in market cap showed increased adoption and interest around APT as the altcoin market attempted to recover.
What the price charts indicate
At the time of writing, APT is trading at $6.26 after a 7.49% gain on the daily charts. Similarly, Aptos is up 22.29% on the weekly charts after a month of positive gains.
Therefore, AMBCrypto’s analysis showed that Aptos was enjoying a strong short-term upward move at press time.
Source: Tradingview
Chaikin Money Flow (CMF) was positive at 0.03, suggesting that APT was experiencing more buying pressure than selling pressure.
With buyers dominating, this signals accumulation or a potential continued upward movement in prices.
Similarly, the Relative Strength Index (RSI) at 51 has moved from the neutral zone over the past 48 hours.
This showed that APT has benefited from substantial buying pressure from the market over the past few days, favoring buyers.
Source: Coinglass
Looking further, AMBCrypto’s analysis on Coinglass showed that long position liquidation fell from a high of $1.4 million to $101,000 over the past week.
This reduction showed that investors were willing to pay a premium to hold their positions.
Read Aptos (APT) Price Predictions for 2024-25
Therefore, in the short term, APT saw a strong upward movement. Moreover, the altcoin was benefiting from positive market sentiment.
So, if current market conditions hold, the cryptocurrency will challenge the next resistance level around $6.9. A break of this resistance level will position the altcoin for a long-term rally to $9.8.
