Aptos Price Outlook: Poised for a Breakout After Exiting Consolidation Zone
The price of Aptos (APT) is showing strong potential after breaking out of a prolonged consolidation phase. As of today, APT has risen 1.1%, trading at $8.28, while the broader cryptocurrency market has declined by 5%, driven by Bitcoin’s drop below the $60,000 mark on October 3. On-chain data points to a bullish trend for APT, with derivative traders displaying increasing confidence in the asset’s future performance. Could $20 be the next key level for Aptos?
Will Increased Network Activity Fuel Aptos Price Growth?
Recent developments within the Aptos network indicate a surge in activity, which could drive further price gains. Data from Aptos Scan shows that the network reached new milestones, with transaction speeds hitting a monthly peak. On October 3, the platform processed 1,051 transactions per second (TPS), underscoring improved network efficiency. Faster transaction times are essential for user satisfaction and could attract more investors, providing a bullish backdrop for the APT price.
In addition, daily active accounts (DAA) on the Aptos network have also soared, reaching a monthly high of 3,750,939 on October 3. This increase in user activity reflects growing interest in the platform, contributing to the positive sentiment surrounding APT’s price movement.
The price of Aptos has been gradually increasing alongside the network’s growth. Moreover, Franklin Templeton’s recent announcement of launching an on-chain U.S. Government Money Market Fund (FOBXX) on the Aptos network could serve as a catalyst, potentially pushing APT’s price towards the $20 mark.
APT Price Analysis: Eyeing $10, with Potential for $20
APT is currently trending upward after a period of downtrend and consolidation. The price is trading above both the 50-day and 200-day exponential moving averages (EMA), indicating bullish momentum.
The recent breakout from consolidation suggests the potential for further gains, especially if APT closes above $8.55. The next resistance level is around $10.7, aligned with previous highs, while the $19.00 mark serves as a significant upper target based on technical chart patterns.
On the downside, $7.70 represents the current support level, with a more robust floor at $7.11, backed by the 50-day EMA. The Relative Strength Index (RSI) stands at 64.24, indicating some room for further upside but signaling caution as it nears overbought territory.
Should APT fail to maintain its position above the breakout level, the asset could slip back into its previous range, potentially indicating a false breakout. In such a case, APT may find additional support near $5.5.
Leave a comment