Can Aptos Price Hit $20 Amid Soaring Network Activity?

As an analyst with over two decades of experience in the financial markets, I have witnessed bull and bear cycles, market euphoria, and market crashes. However, the current growth trajectory of Aptos (APT) is particularly captivating.


After breaking free from a prolonged period of sideways movement, the cost of Aptos appears optimistic. Currently, the APT token trades at $8.28, representing a 1.1% increase. However, the broader crypto market is experiencing a 5% dip, triggered by Bitcoin‘s fall below $60,000 on October 3. On-chain indicators hint that Aptos’ price may continue to climb, with derivative traders showing strong bullish sentiment towards the asset. Could $20 be the next destination for Aptos?

Will Soaring Network Activity Push Aptos Price Growth?

Recently, the Aptos network has been garnering attention, as various essential metrics have hit record levels. Based on information from Aptos Scan, it’s clear that Aptos managed to set a monthly record for network speed when user transactions per second (TPS) peaked at an impressive 1,051 on October 3.

Can Aptos Price Hit $20 Amid Soaring Network Activity?

This suggests that the network is handling transactions faster and more smoothly, which is vital for keeping users content and drawing in new investors. An increase in network speed is a positive indicator for the value of Aptos.

Additionally, it’s worth noting that the number of daily active accounts (DAA) on the Aptos network has reached record highs for the month, peaking at 3,750,939 on October 3rd. This significant rise in DAA indicates growing curiosity and interaction with the platform, which often signifies a positive outlook for the Aptos price.

Can Aptos Price Hit $20 Amid Soaring Network Activity?

As a researcher examining the APT market, I’ve noticed a steady upward trend in its value, correlating with the expansion of its network. Yet, the recent unveiling of Franklin Templeton’s on-chain US Government Money Market Fund (FOBXX) on the Aptos Network could potentially propel the price of APT to unprecedented heights, possibly reaching $20 and surpassing it.

APT Price Analysis: Clear Skies to $10, and Maybe $20

As a researcher, I’ve observed an uptrend in the APT price following a prolonged downward trend and a period of consolidation. Notably, the current trading price is above not only the 50-day but also the 200-day exponential moving averages, which is a bullish sign, suggesting a positive market sentiment.

The latest movement in Aptos’s market trends indicates a breakout from its previous range, pointing towards a potential bullish momentum. This bullish trend could be reinforced even more if the closing price surpasses $8.55.

APT may encounter resistance at $10.7, aligned with the previous highs. Beyond that, $19.00 is the next major resistance, as seen on the chart’s upper target.

Conversely, at the moment, the price floor of $7.70 is serving as an immediate point of resistance, while the price level at $7.11 indicates a stronger region of potential support strengthened by the 50-day Exponential Moving Average (EMA).

right now, the Relative Strength Index (RSI) stands at 64.24, which is close to the zone indicating the market may be overbought (anything above 70). This means there might be more potential for the price to rise, but it’s important to exercise caution as there could be a risk of excessive growth in the near future.

Can Aptos Price Hit $20 Amid Soaring Network Activity?

As an analyst, if I observe that Aptos’ price struggles to maintain its position above the upper boundary of its current range, this could be a sign of potential weakness. If this happens, it might lead to a reversal, where Aptos falls back into the range, effectively invalidating the breakout as a ‘fakeout’. In such a scenario, I would anticipate Aptos finding support at roughly $5.5.

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2024-10-04 08:18