Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Aptos (APT) Struggles to Defend $12 Despite Hype Around BlackRock Integration

Aptos (APT) Struggles to Defend $12 Despite Hype Around BlackRock Integration

BeInCryptoBeInCrypto2024/11/14 11:00
By:Victor Olanrewaju

Aptos (APT) price shows signs of weakness after BlackRock’s expansion, with declining Open Interest and Chaikin Money Flow suggesting further losses .

Yesterday, the world’s largest asset manager, Blackrock, disclosed that it had expanded its tokenized money fund to other blockchains, including Move-programmed Apots (APT). This development sparked speculation that the Aptos token price could gain from it.

Initially, APT price climbed to $12.60. But as of this writing, the altcoin has dropped by 6.33%, suggesting that the integration with Blackrock is not enough to keep the price going high.

Aptos Falters Moments After Bullish Announcement

Blackrock’s announcement, which BeInCrypto reported earlier, coincided with the broader market rally, as the Aptos token price had increased by 21%. However, our finding shows that the drop in Open Interest (OI) was one reason that APT failed to hold on to the $12 mark. 

According to Santiment, APT’s OI attempted to approach $200 million on Wednesday, November 13. But it did not and has now dropped to $105.37 million.  Open Interest refers to the total number of active contracts in the futures market that have not yet been settled.

An increase in OI indicates more participants are entering the market, potentially strengthening the current trend. Conversely, a decrease in the metric may suggest that the trend is losing momentum.

Aptos (APT) Struggles to Defend $12 Despite Hype Around BlackRock Integration image 0Aptos Open Interest. Source: Santiment

Therefore, with the metric declining in Aptos’s case, there is a chance that the altcoin’s price might continue to decrease. Additionally, the Chaikin Money Flow (CMF) indicator suggests that Aptos’ price may face challenges in staging a rebound.

For context, the CMF is an indicator developed to track the accumulation and distribution of an asset over a specific period. It ranges from -1 to +1. When the reading rises, it means that accumulation is ongoing, and the price can increase.

However, in APT’s situation, the reading has dropped, suggesting that selling pressure has begun to outpace buying pressure. Should this remain the same, Aptos’ price could slide lower than $11.69.

Aptos (APT) Struggles to Defend $12 Despite Hype Around BlackRock Integration image 1Aptos Chaikin Money Flow. Source: TradingView

APT Price Prediction: Sub-$10 Likely

On the daily chart, Aptos faces resistance at $13.72, with support at $10.43, just below the 23.6% Fibonacci retracement level. Given the decline in trading volume, the price of Aptos could continue to slide, and bulls may struggle to maintain support at this level.

This is largely because low trading volume indicates a drop in market interest. As such, it could be challenging for buying pressure to increase. If this is the case, then APT’s price might drop to $9.85.

Aptos (APT) Struggles to Defend $12 Despite Hype Around BlackRock Integration image 2Aptos Daily Analysis. Source: TradingView

On the other hand, an increase in buying pressure could invalidate that prediction. Thus, if the accumulation of APT rises, the price might bounce toward $14.13.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Robert Kiyosaki Backs Saylor’s $13M Bitcoin Prediction

Famous author and financial expert Robert Kiyosaki recently shared some exciting thoughts about Bitcoin

Altcoinbuzz2024/11/21 15:33

Messari Unveils The Solana Portal

Messari has just opened the doors to The Solana Portal, a new platform designed to make it easy to track everything happening on the Solana blockchain

Altcoinbuzz2024/11/21 15:33