Cryptocurrencies have had a positive start in 2023. Aptos (APT) is one of the top gainers, recovering in style after its initial struggles due to exposure to FTX. While the general crypto market seems to have hit a sluggish phase, Aptos continues to impress despite a slight pullback today. APT achieved its latest all-time high value of $19.86 on January 26, 2023.
The altcoin has soared in popularity with increased adoption and a growing community of users. Although the project is still relatively new, its technological strides have made it one of the most rewarding crypto projects in 2023. Binance Research posted an in-depth analysis of why Aptos' price has increased recently.
What Is Behind Aptos Price Surge?
Binance Research on Twitter revealed some insights on why the price of Aptos has risen recently. Data from price charts show that APT was worth between $3-$4 in the first few months of launching. However, from January 9, the price surge began to its current value of over $15. This increase represents a 275% jump just in two weeks.
Aptos recently hosted an event #AptosMoveMonday where the founders answered questions and revealed the roadmap for projects. The founders unveiled upcoming events that will engage the Aptos community, giving them a sense of belonging.
Also, Aptos NFTs have seen a surge in on-chain activity as the trading volume increases, with investors hoping to cash in early. These NFTs have the potential to rise in value in the coming months and create profit for holders.
The Aptos development team hopes to create innovative Web3 technology and has the backing of a growing community. Move is the foundation of this technology. It is a programming language that prioritizes security and safe asset management.
The Aptos team and the Move developers have partnered to create an advanced and secure blockchain framework that is highly secure. Move Prover verifies Move smart contracts as an additional security layer for the project.
Binance also announced the launch of two liquidity pools for Aptos: APT/BTC and APT/USDT. CoinMarketCap data shows that the announcement created a price surge of around 56% in the value of the cryptocurrency. The trading volume also increased by 147% from a 5-day estimate.
Aptos utilizes a proof of stake mechanism, which is more energy efficient and satisfies environmental goals. This could be another reason for APT’s growing utility and price growth. Moreover, the development team states that Aptos can process more than 150,000 transactions per second, an upgrade from some projects that scale around 12–15 transactions per second.
Aptos founders Mo Shaik and Avery Ching, former employees of Meta, have created a community-first approach for the project. The feedback and engagement with the community give users a sense of belonging in the Aptos ecosystem.
Can Aptos Retain Its Price Surge?
The Aptos price has grown exponentially due to its innovative projects and unwavering support from the community. APT needs more institutional adoption and listing on other exchanges.
Also, growth in its products, like an increase in its NFTs value, will help to make the project more valuable. Aptos has gained 130% in just a week and above 400% in a month. It is now one of the top trending crypto projects in 2023.
Aptos Technical Analysis How Does It Look On The Charts?
Initially, a downtrend was observed on APT's monthly charts from October 2022 to December 2022. Each candle in the downtrend formed a lower low than the preceding one. However, in January 2023, APT price formed a long green candle with a long upper wick. It shows that the bulls have controlled the market for most of the month.
Aptos is currently in an uptrend. Despite a slight pullback today evident in the formation of bearish candles, it will resume its ascent as long as there is sufficient backing from the bulls in the market.
APT is currently trading above its 50-day Simple Moving Average, indicating the price will remain bullish. Aptos is currently trading at $17.88, down by 4.40% today.
Notable support levels are $14.63, $15.98, and $17.07, while the resistance levels are $19.51, $20.86, and $21.96. Bearish pressure at the $19.51 resistance level might have caused the price dip today. However, APT may recover and break through the resistance.
The Relative Strength Index (RSI) is currently at 86.00, firmly in the overbought region. The RSI is clearly outside the channel, and despite the slight pullback, it might not retrace in the short term.
The Moving Average Convergence/Divergence (MACD) is above its signal line and shows divergence, which is a bullish signal. The MACD is also giving a positive reading, reflecting the bullish energy in the market. Expect the price of APT to soar to the $19.51 level in the coming weeks.
The slight decrease today may not have a long-lasting effect, as APT may bounce back shortly. Expect Aptos to have a positive price outlook in the coming months.Please note that cryptocurrencies are risky assets and periodically deviate from past price behavior. It might be challenging for a crypto asset to rally to its previous price after a price drop. So, research and analysis are vital for all investments, including cryptocurrencies.