• Aptos price sustained its upward trend after the March 13 token unlock, as it happened after the February event. 
  • Aptos announced an immersive Web3 gaming experience for attendees of the 2024 Game Developers Conference on Tuesday. 
  • APT price continues to show strength amid the market-wide sell-off, climbing toward $18 target.

Aptos (APT) price is increasing on Tuesday, defying the sharp sell-off among main crypto assets. The scalable Layer 1 proof-of-stake blockchain recently unlocked over $334 million worth of APT tokens on March 13. While token unlock events are typically followed by a correction in prices, APT sustained its rally. 

Aptos Labs, developers of the APT token, recently announced a gaming experience in Game Developers Conference (GDC) 2024 for attendees, and celebrated its new gaming universe: Idle RPG and Project ARK in collaboration with Supervillain Labs. Aptos is a Layer 1 chain that competes with the Ethereum blockchain, offering users cheaper transactions on its blockchain. 

Also read: Aptos holders brace for volatility with $334 million worth of APT due to flood markets

Aptos price sustains uptrend amidst marketwide correction

Aptos price corrected in response to token unlocks for three consecutive times in November, December, and January 2024. However, the past two unlocks were followed by an increase in APT price. Bitcoin’s price rally at the beginning of the year and subsequent profit rotation likely catalyzed the gains in Layer 1 tokens like APT. 

Data from Tokenunlocks shows that APT unlocked over $330 million worth of tokens on March 13, nearly a week ago. This represented more than 6% of its circulating supply.

Aptos recently collaborated with Supervillain Labs and released a game demo of Idle RPG in February. On March 15, the game creator released a teaser clip for two of its projects, Idle RPG and Project ARK. Since the game uses the Aptos blockchain to power the gaming experience, the release is a key milestone for Aptos Labs and likely a catalyst for its native token APT. 

The Layer 1 blockchain announced a Web3 gaming experience for the Game Developers Conference 2024 on March 19, another positive development in its ecosystem. 

APT price showed strength on Tuesday despite the Bitcoin-induced sell-off in top cryptocurrencies. 

Aptos

Aptos emerges as a gainer among top cryptocurrencies. Source: TradingView

Aptos price eyes gains

Aptos price is currently in a multi-month uptrend. The Layer 1 token hit its year-to-date peak of $15.81 on Sunday. While APT price experienced a minor pullback since then, the uptrend appears to be intact. The Moving Average Convergence/ Divergence (MACD) indicator shows green bars, signaling positive momentum persists. 

While the Relative Strength Index (RSI) crossed into overvalued or overbought territory above 70 on Friday, APT’s RSI fell back under 70 since then,staying at 64.99 at the time of writing. In its uptrend, APT price could climb towards the $18 target that coincides with the 127.2% Fibonacci extension of the asset’s rally to its year-to-date high. 

Aptos

APT/USDT 1-day chart 

A daily candlestick close under the $14 level, which aligns with the 78.6% Fibonacci retracement level, could invalidate the bullish thesis for APT and signal a correction in the Layer 1 token. In such a scenario, APT price could dip into the Fair Value Gap on the weekly price chart, which is placed between $10.25 and $11.33. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Convex Finance extends gains after facing short squeeze

Convex Finance extends gains after facing short squeeze

Convex Finance (CVX), the DeFi token, extends its rally to double-digit gains and raises 26% on Monday, as seen on Binance. Data from Coinglass shows large volume liquidation of short positions, to the tune of $722,000. 

More Cryptocurrencies News

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP struggles to make a comeback above sticky resistance at $0.50 on Monday as traders continue to assess the legal skirmishes between blockchain firm Ripple and the US Securities and Exchange Commission (SEC).  

More Ripple News

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant (QNT) price could have a short-term downward pressure. Data from Lookonchain suggests that an early holder has deposited 118,008 QNT tokens worth $9.78 million into the Kraken exchange.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP