Is APT Going to Zero? Aptos Price Tumbles While New Bitcoin Mining Protocol Locks in $5.2 Million
A massive $195m Aptos token unlock has triggered a tumble in APT price, as markets hesitate entering into the increased circulating supply, leaving some dejected holders asking ‘is APT going to zero?’.
The unlock happened on December 12, in a planned move that saw 24.8m released onto the market.
This comes amid further warning signs on-chain, as a drop in developer activity threatens to worsen the struggling APT price performance.
While APT price continues to push down, Aptos is currently trading at a market price of $8.24 (representing a 24-hour change of -3.9%).
This comes as price rejects -13% from an area of localized resistance around the $9 mark.
However, with steadfast under footing from the 20DMA, it seems likely that APT will soon reach a support zone around $7.70.
Meanwhile, the 200DMA remains low in the trading channel, still gradually descendant around $6.70.
As for the RSI indicator, severe bearish divergence last week has now cooled down to a more moderate 55 – suggesting that APT is now positioned for further gains in the trading channel.
This is a view matched by the MACD which is reading at 0.0771 in a display of minor bullish divergence.
Overall, Aptos looks poised here, despite the localized retracement, continual footing above a post-golden cross 20DMA could trigger a bounce to the upside.
Indeed, upside targeting leaves APT price aiming to push high to $10.20 (a possible +23.94%).
While downside risk could see APT price fall down to lower support at $7.68 (a potential -6.57%).
Aptos currently carries a consequent risk: reward of 3.64 – a strong entry characterised by significant potential for value accrual, and certainly not going to zero anytime soon.
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