Aptos (APT) succumbs to bearish pressure, loses 10% in a single week

APT, the native cryptocurrency of the Aptos blockchain, continues to exhibit weak market performance in 2023. After a somewhat positive run in early July, it looks like the bears are back in control, with APT losing nearly 10% in value. last seven days.

This has been the case for APT token since late January as its price has steadily declined since reaching its all-time high of $18.58 on January 26.

Apt fell 14% in one week – Price Overview

Aptos Token started July on a great note, gaining over 13% in just a few days. However, the leading altcoin has given up all its recent gains and is now trading below the opening price of the month at $7.29.

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After reaching a high of $8.24 on July 4, the Aptos token experienced a significant decline, bringing its value to $7.15 two days later.

Since then, it appears that the price of the coin has been moving mostly sideways. But it is worth noting that APT fell below the $7 price level for the first time this month on July 8th. The coin fell below this level again on July 10, before climbing to $7.18 the next day.

At the time of this writing, APT is valued at $7.03, with a mere 0.3% increase over the past 24 hours. According to coingeco dataThe coin has a market capitalization of over $1.48 billion, making it the 36th largest cryptocurrency. The 24-hour trading volume of Aptos Token is around $48.9 million, showing a 14.6% drop over the past day.

Is Downtrend over?

Taking a look at the daily chart shows that APT Token is facing significant resistance at the $8 price area. The coin’s price has failed to break this level twice in the past three weeks, falling to $7 each time.

That said, the daily Relative Strength Index (RSI), which has settled below the 50 mark, indicates that selling pressure is high at the moment. This means that there may not be enough buying pressure to propel the coin’s price above the $8 resistance.

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Meanwhile, price action data shows that APT is stuck in a descending channel since the February 16, 2023 high at $16.22. Over the past five months, Aptos has failed to register higher highs while writing three lower lows.

If Aptos continues in its descending trend channel, we could see a drop below $4. On the other hand, if it manages to break out of the descending channel and overcome the $8 resistance, the cryptocurrency could reach a price of $10.

APT price in a descending trend channel since February | Source: APTUSD chart from TradingView

Featured image from iStock, chart from TradingView