Aptos (APT) has increased by 186% from $3.09 on December 31 to hit a high of$8.84 on January 15. The Aptos price appears to be on course for new record highs. To achieve, the buyers were trying to recover the losses made on Tuesday, where the price xperienced a 7% price drop that threatened its 2023 bullish trend.
With a 24-hour trading volume of $669.6 and a live market cap of $1.04 billion, APT crypto ranks at #43 on the list of crypto by market cap size at the time of writing.
APT Token Thrives With Suspicion Of Price Manipulation Following Recent Liquidation Data
Aptos Network’s native token APT has recorded a remarkable price performance, leading to unpleasant conclusions of possible manipulation.
What’s All Hype About Aptos Token? Decoding The APT Price Manipulationhttps://t.co/vpThXGDKr0
— John Morgan (@johnmorganFL) October 19, 2022
The token recorded a rapid spike in the number of short market orders on January 16, at 7:00 p.m. UTC, meaning the number of sellers suddenly increased. The sudden trigger to sell is expected to cause a rapid correction in the market. However, in the case of the APT token, it did not, and the price continued flashing green.
APT Total Liquidations
As shown in the chart above, the APT token experienced a massive spike in buying pressure right after a solid amount of short orders was opened. There was no funding to back such a spontaneous spike, leading to the formation of a “knife” or candlestick shadow.
The rapid surge in buying volume could be interpreted as a direct move towards market manipulation, which is normally imitated when you are trying to avoid a reversal when the whole market is recovering, but you.
CoinGlass, a market tracking service, graphically shows that APT saw a notable $129 million worth of liquidation on Monday, January 16, despite the general crypto market being relatively calm. This has led some users to assume that some institutions behind the Aptos network are trying to pump the price of the APT token to listing levels to entice more investors, who mostly evaluate the asset’s profitability.
Intrigued by price moves in $APT hidden is price manipulation designed to disadvantage competitors like Z1P.ASX who are actually advancing/exceeding Afterpay growth in US. $ZIP &Afterpay are 100% peers so ZIP valuation needs to rise.Val Gap doesnt reflect BNPL reality $CBA $MQG pic.twitter.com/DTlwSmYAIb
— GordonGecko (@GGgordonsgin) July 3, 2020
Nevertheless, despite the latest rally in the crypto market, APT is still trading 92% below the ATH reached on the listing day.
Will Aptos Price Reach A New All-Time High?
After days of consolidation, APT price broke out to record higher highs and higher lows, leading to the formation of an ascending parallel channel as seen on the daily chart below. A breakout above the upper boundary could signal a continuation of the uptrend, while a breakdown below the lower boundary could indicate a possible trend reversal.
At the time of writing, the Aptos price was trading at $8.01 as bulls attempted to sustain the higher levels. An increase in buying pressure could raise APT price towards the upper boundary of the ascending channel. To get here, however, the bulls would have to beat the resistance at $10.33, the all-time high price for the APT token last recorded in October 2022. Such an outcome would present new possibilities for a new record high for the ‘Solana killer’ at $11.90, representing a 50% uptick from the current price.
APT/USD Daily Chart
The 50-day EMA potential support for Aptos price at $5.38, coupled with the positive outlook of the relative strength index (RSI) at 78, indicates that there is still more room for the upside for Aptos crypto.
However, if more bulls leave the Aptos market, bears could regain control, setting up the token to lose the support offered by the channel’s lower boundary at $7.79. such a move could threaten the bullish thesis for Aptos crypto. Investors may look at this area for stop-loss orders and profit targets.
If investors decide to book in early profits and selling pressure increases, Aptos price will drop to the 50-day Exponential Moving Average (EMA) or lower to the $3.72 support floor.
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