APT Price Prediction - Is it Turning Bullish?

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Aptos (APT) was among the top gainers for the day on Monday, after a price decline for over a month. This brought some hope to what seemed an unending bearish run, where the token was registering continuous losses, bottoming at $11.59 over the last 30 days.

Aptos is Still Among The Most Profitable Tokens In 2023

Aptos has recently witnessed a surge in trading volume, after the introduction of a new software development kit. The trading volume for the token almost doubled in just a day at the beginning of March and rose as high as $623.8 million on the day.

The web3-based gaming toolkit introduced by the platform has increased the on-chain activity on the network, by enabling interoperability and transparency in gaming and thus increased the volume. This was at a time when the crypto market was up 1.8% and APT was among the best-performing tokens for the day.

2023 has been great for the token, as it started the year with a continued gradual increase which slowly turned into a rally that shot up the token price by 390%, making it one of the most profitable tokens in January.

The token price almost bordered $20, after beginning the rally at $4, which was reminiscent of the rally undergone by Solana in 2021. No wonder, APT is referred to as the “Solana Killer”. The success of the token in January, however, is attributed to the fact that 97% of the token’s supply is held by just the top 20 wallets, indicating collusion.

Retail investors may have jumped on the bandwagon, and helped pump the price of the token. Even leading it to exceed all previous values in terms of trading volume on a South Korean exchange by the name of Upbit.

What Is Aptos?

Aptos is a layer one blockchain that aims to become a foundational block in the web3 crypto space, and for developments in the industry in the future. It aims to be scalable, safe and upgradable while being accessible to the average user in the crypto space.

APT is the official token of Aptos that has gathered a lot of attention recently. Developers of the blockchain previously worked at Meta, and later at the now-abandoned Diem blockchain. The project managed to raise $350 million in a funding round from notable investors including Coinbase Ventures, FTX and Tiger Global.

The blockchain has a high transaction throughput since it works on a pipelined and modular approach for transactions, which makes it quite efficient when compared to other blockchains. With support from multiple investors and a strong community, Aptos has become one of the favorite projects for retail investors who saw the token display an outstanding performance in 2023. How has it performed? And where does it go from here? Let’s take a look.

Aptos Price Action- Will It Climb to $15?

Aptos has been very volatile lately, throughout the year, as it managed to register a price increase of more than 5X in less than a month, while it’s currently up 267% since the start of the year. APT recorded most of its gains for the year in the first month itself and has since been on a gradual decline ever since.

The token began the year at $3.5 and peaked at $19.9 on Jan 30th, with three slow-paced corrections along the way. The first half of February saw a perpetual decline in the token’s price, which was steeper than the price decrease in the second half.

APT hinted at a possible uprise from the correction it underwent in the first two weeks of February, but the token moved only to $16.41 from $12.83 in mid-February. But the token price soon came falling down to where it started and beyond, and is currently trading at $12.88.

The token has recovered with 11 green days in the past 30 days, while the market sentiment remained neutral with the fear and greed index hovering at 50. The token is expected to continue the decline for at least a week, presenting multiple opportunities for bulls to acquire the token. On a technical front, the token is suggested to be a great asset for buying at the moment, as indicators look strong.

It’s tough to say if APT will continue the price decline beyond this point since the buying opportunities might help pump the price of the token. But, a possible sale of $45 million worth of APT tokens from the developers might trigger the decline even further.

The $15 target for APT is not impossible for March, but it can only be confirmed if the token plans a rally to the next resistance level.

APT Price Prediction 2023 & 2025

After reaching its interim highs, the APT token has been trading within a bearish descending triangle and is currently stagnant near the lower support level. This could be attributed to the fact that the trading volume has reduced substantially and the RSI has displayed a bearish divergence.

It is likely that the token will continue following the trend along the lower support level and eventually break out of the consolidation. However, if the current momentum persists, the token may experience a significant price plunge that could lead to it dropping below the lower support level of $11.13.

APT is expected to perform quite well in 2023, as it makes new developments to the platform. The token is expected to reach a maximum price level of $26.86 by the end of 2023, and a minimum level of $10.59. APT should be maintaining an average price of $17.47 throughout the year.

On a longer time scale, APT has the potential to deliver strong returns. The token is expected to start the year at $37.73 and continue to maintain an average price of $42.00 throughout. APT is also expected to reach a maximum price level of $45.55 in 2025.

Investors can expect the token to display a bull momentum after undergoing some more consolidation in the short term. With that being said, it’s always best to do your own research before investing in any cryptocurrency.

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