Aptos (APT) Price Drops Despite Bullish Flag Pattern, New Partnerships Drive Earlier Surge
- Patricia ArquetteOriginal
- 2024-10-24 03:44:09782browse
NAIROBI (CoinChapter.com) — Aptos (APT) saw a price correction today, dropping 9.4% to $9.83, with its market cap declining to $5.08 billion.
Aptos (APT) price corrected today, dropping 9.4% to $9.83, as its market capitalization decreased to $5.08 billion. Trading volume in the last 24 hours stood at $340.31 million.
However, Aptos’ price chart showed a bullish flag pattern, indicating the possibility of another breakout. Earlier, Aptos surged to $11.13, driven by an increase in total value locked (TVL) and strategic partnerships.
Integration with Echo Protocol and a strategic partnership with crypto exchange MEXC helped propel APT's recent rally. Echo Protocol users can now earn up to 10% returns in APT, while MEXC collaboration offered staking activity with up to 20% annual percentage return (APR) for locking APT tokens for 30 days.
Pseudonymous analyst AMCrypto spotted a bullish flag pattern forming, suggesting that APT price could break out above $10.5, with projections targeting a short-term move toward $12.50. At the time of writing, the price had already broken past this resistance, trading at $10.92.
Moreover, Aptos is displaying signs of a broader trend reversal. Its 50-day moving average recently crossed the 200-day moving average, forming a golden cross—a bullish indicator in technical analysis. Furthermore, the Relative Strength Index (RSI) has remained above neutral since mid-September, indicating sustained interest from investors.
Meanwhile, open interest in futures has also increased, reaching a six-month high of $274 million, signaling growing confidence among traders.
APT’s momentum is being supported by its performance metrics, including its TVL, which reached an all-time high of $2.15 billion.
As Aptos continues to expand its presence in the decentralized finance (DeFi) space and forge new partnerships, traders are keeping a close eye on its next moves. A breakout from the bullish flag pattern could spark another rally, potentially driving prices higher in the coming months
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