Aptos [APT]: Bears eke out a victory over bulls – cause for concern?

ambcrypto.com:

The bearish market has caused a price decline in most cryptos over the last 24 hours. Similarly, people were drawn to Aptos [APT] as its price dropped by a factor of ten. According to CoinMarketCap, APT’s price declined by over 11% over the last 24 hours, and at the time of writing, it was trading at $14.41 with a market capitalization of over $2.34 billion.

How much are 1,10,100 APTs worth today?

This episode happened even after quite a few positive developments in the ecosystem. For example, Aptos recently announced the launch of its new Aptos Collective, an ambassador program that will support Aptos’ growth around the world. As per the official announcement, to support the growth of the Aptos community, the Aptos Collective will be open to the most involved members.

This ambassador program will support Aptos' growth around the world, and is open to the most engaged members of the Aptos community—of all skills and backgrounds! ⤵️https://t.co/OSHoeOHREm

— Aptos (@Aptos_Network) February 16, 2023

Despite the launch, which was a promising development, a look at APT’s daily chart revealed the reason behind the plummet. The MACD revealed that Aptos bears were ahead of the bulls. APT’s Money Flow Index (MFI) was resting below the neutral mark, which too was a development in the sellers’ favor.

Both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) took a sideways path and were lingering close to the neutral level at press time.

Source: TradingView

Realistic or not, here’s APT market cap in BTC’s terms

Though APT failed to make the investors happy during the last day, chances of a trend reversal