Aptos price nosedives 10% in February despite foundation's first-ever online hackathon

Aptos (APT) price is trading with a bearish lean in February despite a notable surge during the last stretch of January. It comes amid an ongoing choppy altcoin market, with cryptocurrencies suffering in the wake of an indecisive Bitcoin (BTC) market as traders await the next volatility expansion.

Also Read: Aptos price fall to likely extend beyond this week’s 20% crash ahead of $220 million token unlock

January milestones fail to catalyze rally for Aptos price in January

Aptos (APT) price is down 10% since the month started, falling from the February 3 high of $9.74. It comes after a rejection from the 78.6% Fibonacci and the upper band of the Bollinger indicator, with the network’s milestones in January failing to do it for the Layer 1 (L1) project in February. Among them was the establishment of perpetual decentralized exchange Merkle Trade atop the Aptos blockchain.

Meanwhile, the network is underway with the Aptos Random Hack program, an event marking the Foundation's first-ever online Hackathon to promote creativity and challenge participants’ skills. Besides providing attendees with a unique opportunity to network, learn and grow their project with the support of the Aptos ecosystem, the hackathon also has a $75,000 prize pool.

Aptos price prognosis has the odds favoring downside

Aptos price continues south, testing the support offered by the 61.8% Fibonacci level of $8.66. This buyer congestion level looks poised to break, instigated by a falling Relative Strength Index (RSI) and, therefore, momentum. The position of both the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) agree as they sail through negative territory.

Aptos price has also lost support from the centerline of the Bollinger indicator at $8.79, with the upper and lower bands coming together to show decreasing volatility. If the bands contract significantly with Aptos price below the midpoint, markets lean bearish on the next volatility expansion.

Increased selling pressure could see Aptos price descend to the lower band of the Bollinger indicator at $8.13. In a dire case, it could test the 50% Fibonacci level, below which the L1 token could extend its fall to the 38.2% retracement level at $7.15.  

APT/USDT 1-day chart

Conversely, a re-entry by the bulls might see Aptos price push north past the centerline of the Bollinger, confirming a flip of the most important Fibonacci level, 61.8%, into support. Higher, APT could tag 70.5% or even extend to reclaim the 78.6% level at $9.74.