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Although the market is attempt Recovering from its weak start in September, some altcoins — including Aptos (APT) — continue to free-fall despite bulls’ attempts to rally. According to CoinGecko, APT’s current performance is lackluster as the coin has fallen 15% since last week.
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Meanwhile, the Korea Blockchain Week has created a buzz around Aptos. During the event, several on-chain developments were revealed. Although the positive on-chain developments are a great sign for the platform’s long-term growth, investors and traders are still struggling to overcome market fear, uncertainty, and doubt.
Aptos stock continues to fall towards $5.74
At the time of writing, APT bulls are aiming to control the coin’s momentum in the near term. However, bears are pressing their advantage, targeting $5.74 in the short-term after converting support at $6.12 into resistance.
The continued downward trajectory of the market is the main reason behind APT’s poor performance. Driven by fear and doubt from the broader financial market which hemorrhage For the cryptocurrency market, APT may face continued losses in the coming weeks.
The Relative Strength Index (RSI) for APT suggests that the token’s downward trajectory will continue well below the $5.74 support level. If this happens, it could lead to a larger local sell-off in the APT market.
This thesis has a greater potential for occurrence. Queenglass It is noted that the number of short positions outnumbered the number of long positions over the past 24 hours, which reinforces the downward path of the token.
Investors and traders should keep an eye on the upcoming macroeconomic indicators release today. As markets continue to price in a broader downtrend, positive macroeconomic indicators will provide much-needed support to both traditional and crypto markets in the long run.
Korean Blockchain Week Reveals New Developments in Aptos
Aptos’s experience at the Korean Blockchain Week continues to attract community attention. Arculus, a digital security platform, a partner With Aptos for the platform’s Aptos Card. This has made one-touch payments possible on Aptos, improving the utility of the token and the platform itself.
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Aptos has also been expanding on-chain since the beginning of the year. According to Aptos Labs’ Ecosystem Lead, Neil Harounian, the platform Registered $2B in connected volume with total value locked (TVL) on-chain that has tripled since the end of 2023.
This board is about stablecoins and payments in @aptos Experience 🔥 with speakers from:
– @Visa About Enabling Cross-Border Payments
– @paypal About the speed and finality of digital payments on Aptos
– @IDAfi24 About Building a Regulated Regional Stablecoin on AptosStable currency in the summer and… pic.twitter.com/R5aeRKMTVn
— JC | Town Square ❏ 🟢 (@realjcz) September 5, 2024
Try Aptos too Hosted Lecture on stablecoins and payments on Aptos. Market giants like Visa and PayPal joined in, providing insight into how stablecoins can be implemented to solve real-world problems.
As the ecosystem continues to innovate and expand through on-chain development, Aptos can still carve out a place on the long-term side of the market.
Featured image from Medium, chart from TradingView