Today, we unlocked 11.31 million APT coins worth around $51 million to increase our circulation supply.
Combined with a surge in supply and dips in the broader market, traders are increasingly craving profitable, and they face an increase in sales pressure that can cause prices to drop.
Aptos prices weaken amid increasing sales activity
APT is currently trading at $4.58, down 2% over the past 24 hours. During this same period, that trading volume has increased by 10%, indicating an increase in the number of coins that change hands.
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A lower asset prices while trading volumes are rising indicates a rise in sales pressure. This pattern suggests that more investors are offloading their positions rather than buying. This trend therefore indicates that the APT market is experiencing a stronger downward momentum due to increased seller advantage.
Additionally, the coin’s fall length/short ratio supports this bearish outlook. Observed on hourly charts, this is at 0.69 at press.
The long/short indicator measures the percentage of long bets on short bets in the asset futures market. A ratio of more than one indicates a longer position than a short position. This shows bullish sentiment as most traders expect their assets to rise.
On the other hand, a long/short ratio below 1 means that more traders are betting on the price of their assets to fall below those who expect it to rise.
The long/short ratio of APT indicates an increase in demand for short positions as traders position themselves to take advantage of the growing downward pressure.
Can Aptos keep the line?
On the daily chart, APTs are currently trading on a 20-day index moving average (EMA). This could create a significant risk for AltCoin and allow the next direction to set the tone of the price action in the short-term.
The 20-day EMA measures the average price of assets over the last 20 days, giving weight to recent prices. As assets rise above it, they strengthen momentum and show potential upward trends, indicating that buyers are gaining control.
Conversely, below this level, momentum weakens and suggests a possible transition to bearish emotions as the seller takes the lead.
If APT prices crucially break the 20-day EMA, we will confirm that the bear has regained full market control. Such a move could cause further sales pressure and push the APT price down to under $4.52.
Conversely, if the 20-day EMA holds it firmly as a support floor, it can provide a base for price rebound. Buyers intervening at this level could potentially exceed the APT price of $5.01.
After APTOS unlocked its $51 million APT, the post where APTOS could see the more negative side was first made on Beincrypto.
