Most cryptocurrencies have seen their prices fall in the previous 24 hours due to the gloomy market. Similarly, as its price plummeted by a factor of 10, people were drawn to Aptos [APT]. According to CoinMarketCap, APT’s price has dropped by more than 11% in the last 24 hours, and it was trading at $14.41 with a market capitalization of more than $2.34 billion at the time of writing.
This incident occurred despite a number of good changes in the ecology. Aptos, for example, recently announced the introduction of its new Aptos Collective, an ambassador network that will aid Aptos’ global expansion. According to the official announcement, the Aptos Collective will be open to the most involved members in order to promote the expansion of the Aptos community.
Despite the launch, which was an encouraging step, a peek at APT’s daily chart indicated the cause for the drop. According to the MACD, Aptos bears were ahead of the bulls. APT’s Money Flow Index (MFI) was also below the neutral level, which was a positive sign for sellers.
At press time, both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) had taken a sideways route and were hovering near the neutral level.
Though APT failed to satisfy investors on the last day, the possibility of a trend reversal could not be ruled out, as various network developments appeared to be in APT’s favor. Aside from the Aptos Collective debut, another recent event was the Aptos Seoul Hack’s success.
Curiously, Kings Charts tweeted a new analysis, which also expressed optimism for brighter days ahead. According to the tweet, APT was following a similar trajectory to SOL, raising the likelihood of whales driving APT’s price higher in the coming days.
According to Santiment’s graph, APT’s development activity was increasing, which was a good indicator because it indicated increased developer efforts to strengthen the network. Nevertheless, favorable opinions toward APT were higher than negative sentiments, indicating investors’ confidence in Aptos.
However, LunarCrush data indicated that APT’s volatility had fallen significantly in recent days, which could limit a northbound breakout in the immediate term.