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NEW DELHI (CoinChapter.com) — Blockchain project Aptos’s native token, APT, outpaced several of its peers in the past two weeks. APT price surged nearly 273% between Jan 9 and Jan 23, forming a new ATH at $13.31 on Jan 22.
The uptrend likely resulted from an uptick in investor interest in NFT projects on the Aptos blockchain. As a result, several NFT projects on Aptos witnessed a massive volume increase over the past 24 hours. For example, AptoPunks surged more than 2,000% in daily volume since Jan 22.
Other projects, like Aptos Monkeys, likely based on Yuga Labs’ Bored Ape NFT collection, also surged in daily volumes.
NFTs on Aptos are cheap to mint and, given the increased interest, are selling for great profit margins, attracting traders to the market.
Aptos plans to increase community engagement further. Max Unger, head of community, invited suggestions on Twitter regarding the “types of online events and contests” crypto Twitter would prefer. CoinChapter reached out to Unger but received no response by press time.
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Meanwhile, Aptos CEO Mo Shaikh believes that Web3 platforms are getting more powerful as they offer more opportunities to developers and creators.
“It’s time for companies and entrepreneurs to bring social media to Web3 in a user-centric, decentralized, and inclusive way,” Shaikh said in a blog post.
APT Price Climb Falters As Bears Start Selling
Meanwhile, the APT price rally finally stumbled against the bears as the Aptos token dropped 12.6% to form a low of $12.6 on Jan 23.
The rally threw Aptos’ relative strength index into the overbought region, with a value of 85.62 on the daily charts. Traders often consider overbought RSI levels an indicator of impending trend reversal favoring the bears.
However, that might not be the reason behind APT price’s red candle since the token has been overbought since Jan 9. It seems likely that early buyers have started selling to book profits.
Hence, if the sell-off continues, the APT price might drop to support near $11.7. Finally, a market-wide sell-off might force the Aptos token shed 25% and fall to test support near $9.6.
On the other hand, if the NFT interest continues to push the APT price upward, the token might rise to challenge resistance near $14.3. Moreover, a break and hold above immediate resistance might help the APT price rise to $17.7 before downside corrections pare gains.
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