Is It Too Late to Buy Aptos? APT Price Rallies 5% and AI Crypto Signals Platform yPredict Secures $3.85 Million
The Layer 1 blockchain protocol Aptos, founded by former Facebook employees, is preparing to release 20 million APT tokens in November according to data compiled by TokenUnlocks. With APT currently trading around $5.15, the token unlock is estimated to be worth over $103 million.
The upcoming token release represents 8.5% of Aptos' total circulating supply of 235 million APT. Tokens are often subject to locking periods to prevent early investors and team members from suddenly selling their holdings, which could sink prices.
Research firm The Tie reported that the scheduled November APT unlock could introduce significant liquidity into the market.
"The collective 20 million APT to be unlocked in November is equivalent to 112% of the average daily trading volume over the prior 30 days," The Tie wrote in their September 13 newsletter.
According to The Tie, previous token unlocks surpassing 100% of average volume have generally weighed on prices.
Data from APT perpetual futures markets indicates traders have adopted an increasingly bearish outlook.
Funding rates, which represent payments between long and short contract holders, have fallen to the lowest levels since February - a sign shorts are incentivizing longs to close positions.
Despite a minor bounce of over 6% from its monthly low of $4.89 set on September 11, the APT price appears to be in an unsteady position.
The cryptocurrency, now in its third day of green, is showing signs of weakness with a mere increase of 0.17% so far today.
As the technical indicators of Aptos (APT) continue to flash bearish tendencies, traders considering a decision to buy Aptos should proceed with caution.
The 20-day EMA for the APT price stands at $5.4950, which is currently above the present rate
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