- APTOS price may fall to $2 or deeper
- APT RSI resides within the 70-30 level
- The crypto keeps its position within the top 50 cryptos
Important: This Aptos (APT) price analysis is purely based on the writer’s knowledge of technical analysis alone. Price analysis articles of other platforms may use different technical analysis signals and indicators that may influence their APT price forecast outcome differently. Hence, we strongly suggest doing your own research before buying APT.
APT continues to be one of the hottest cryptocurrencies in the market lately. Its good price standing and huge market capitalization are some of the factors that made the crypto attractive to investors in the space.
As of now, Aptos trades at a decent price of $9.23 per crypto from its all-time high price of $13.73. This market position of Aptos is regarded as bullish, considering the bearish market condition. However, this bullish escapade of APT may not last long.
Source: CoinGecko
As seen in the screenshot above, APT has a total supply of 1.09 billion APT with a market cap of almost $1.2 billion. Theoretically, if the circulating supply of Aptos suddenly increases with today’s market capitalization, the price of Aptos might break out from its uptrend position. It could plummet to as low as $1 or $2.
To prevent this, APT must increase its market capitalization to over $9 billion (+800%). The suggested market capitalization will prevent the digital asset from losing its uptrend market position.
Source: TradingView
Meanwhile, Aptos’s Relative Strength Index (RSI) is currently residing within the 70:30 level. In other words, traders and inventors can still trade or do their normal activities with APT without fearing any major price reversal. It is, however, recommended that traders practice trading with caution to avoid irreversible losses.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.
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