Aptos Token Unlock Triggers Price Tumble
A massive $195m Aptos token unlock has led to a decline in APT price as markets hesitate to enter the increased circulating supply. This has left some holders concerned about the possibility of APT going to zero. The unlock occurred on December 12, with 24.8m tokens released onto the market.
On-Chain Warning Signs
Further warning signs are emerging on-chain as developer activity drops, which could worsen the struggling APT price performance.
APT Price Analysis: Potential Support Zone
The current market price of Aptos is $8.24, representing a 24-hour change of -3.9%. The price has rejected -13% from a resistance level at $9 and is now likely to reach a support zone around $7.70. The 200DMA remains low in the trading channel at approximately $6.70. The RSI indicator suggests that APT is positioned for further gains, while the MACD indicates minor bullish divergence.
Aptos Poised for Upside Potential
Aptos looks poised for a potential bounce to the upside. Despite the localized retracement, continual footing above the 20DMA could trigger an upward movement. Upside targeting leaves APT price aiming for $10.20, while downside risk could see it fall to lower support at $7.68.
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