- Aptos price has dropped below the $10 market value 16 days to its next token unlocks event.
- The next APT token unlocks will release 45M APT tokens into circulation.
- Traders are closely watching the support at $9.6 as a break below could lead to further losses.
- There is also controversy about Aptos price manipulation.
Aptos (APT) price dropped below the $10 price level for the first time in almost three months. The slip comes a fortnight after the scheduled unlocking event put 53 million APT tokens into the market, bolstering the bearish pressure.
$APT has fallen below the $10 mark #Sui #Aptos #Arbitrum #Airdrop pic.twitter.com/mphYm3CrBM
— Vasu spoke.lens (, ) (@0x_Lens) April 25, 2023
At the time of writing, Aptos, a Move technology Layer-1 blockchain, is auctioning at $9.98, down almost 3% in the last 24 hours. With this drop, the altcoin has lost a crucial support line at $10.46, which held APT above ground for three consecutive months.
Aptos’ plan to unlock 4,543,478.03 APT tokens will increase circulation by around 0.454%. According to the tokenomics tracker Token Unlocks, around 84.27% of APT tokens are locked besides the gradual unlocks of the fixed amount. It is worth mentioning that crypto enthusiasts on Twitter allege that the APT price is manipulated because such a colossal chunk of the cryptocurrency is still on lock.
With the next token unlock event slated for May 12, chatter around the unlocks event and its potential impact on Aptos price is widespread on crypto Twitter.
Aptos price has investors at crossroads
Aptos price has investors at crossroads, wondering whether the current price action is a bull trap or a buying opportunity. The Proof-of-Stake (PoS) consensus mechanism blockchain cleared up the bugs experienced during its launch, paving the way for a great start to the year. In January alone, the altcoin surged 420%.
Nevertheless, Aptos price movement has recorded a prolonged downtrend in the weekly timeframe, a 19% downswing in the last seven days. This slump followed a rally caused by Elon Musk’s mention of ‘APT’ in a tweet, fueling a brief uptick of almost 15%.
Aptos (APT) Pumps After Elon Musk Tweets "AI APT OTT"
— Psquare Daily (@pSquare_Daily) April 14, 2023
https://t.co/F3wtlajzzr pic.twitter.com/WjperKw1zV
Traders are trying to determine whether the bearish trend will break below $9.60. Notably, rejected support at this level could see Aptos price clear most gains recorded during the January 2023 rally, potentially causing a free-fall for the token.
Bought some $APT @ $9.85.
— Bombay Trillionaire (@MasalaOfCharts) April 23, 2023
Talked about this one the stream tonight.
Happy to hold on for some time if we go into accumulation around this area.
Will cut if we lose $9.6 on H4 and above. pic.twitter.com/hcogGgoQhJ
Aptos price prediction: Bull trap or buying opportunity?
Based on the current price action, APT allows traders to buy the altcoin at low prices before a breakout. As the countdown to the token unlocks continues, the altcoin is coiling up and could explode by 30% by the first week of May. This would conform to the "sell the rumor, buy the news" narrative.
The support at $9.60 is crucial for Aptos price, marking the invalidation level for the current bullish supposition. Increasing buying pressure above this level could see the altcoin ascend toward its target. Buyer congestion zones defined by the 100- and 50-day Exponential Moving Averages (EMA) at $11.13 and $11.60 mark pristine entry points for sidelined investors to solidify the prospective uptrend.
APT/USDT 1-day chart
Conversely, a break below the $9.60 support level could open the drains for Aptos price, causing a value drop toward the $8.10 support level.
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