Aptos Price Prediction: $300 Million Trading Volume Sends APT Soaring – Are Whales Buying?
Aptos (APTO), the cryptocurrency that powers the newly launched Aptos layer-1 blockchain protocol, is enjoying a pop higher on Tuesday amid a surge in trading volumes.
As per CoinGecko, APTO trading volumes were around $300 million in the last 24 hours, impressive for a cryptocurrency with a market cap of only around $1.67 billion.
APTO was last up around 6% on the day and trading near $8.0 per token, having enjoyed some short-term technical bullish momentum following a breakout above a downtrend that had been in play since mid-April and the 50DMA.
Helping spur the upside is the continued strong performance of the likes of bitcoin (BTC) and ether (ETH), as well as rising Aptos network transactions.
As per the official Aptos blockchain explorer, there were 230,000 transactions on Monday, up around 70,000 versus this time one month ago.
That could suggest heightened whale activity on the blockchain and at the very least implies rising utilization, which is bullish for the APTO price.
With APTO now above its downtrend from the April highs and its 50DMA, price predictions have become more bullish.
Bulls are targeting a retest of support-turned-resistance in the $9.50 and $11.0 areas.
But to get here, APTO will also need to break above a downtrend from the late-January yearly highs in around $20.
The 200DMA at $9.88 also presents a significant zone of technical resistance.
But assuming the broader crypto market continues performing well, Aptos stands a good shot of pumping.
While Aptos has the potential to perform very well in the near future, crypto investors should always be on the lookout to diversify their holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto
Read more on cryptonews.com
