Two weeks ago, we discussed Sui. Therefore, it's logical to also dive into Aptos blockchain, which shares many aspects with Sui.
In this article, our focus will be on the technical analysis aspect of APT and the most popular tokens within its ecosystem.
These are the assets we will cover in this article:
- Aptos (APT)
- AptosLaunch Token (ALT)
- Cetus Protocol (CETUS)
- Tortuga Staked Aptos (TAPT)
- Mover (MOVER)
- Thala (THL)
- Why is APT The Coin of the Week?
APT serves as the native coin of the Aptos blockchain, playing a crucial role within its ecosystem.
Some common uses include: Transaction Fees, Governance, Rewards and Incentives, Access to Services, and Staking.
Technical Analysis of APT
After rejecting the $11 resistance, APT has been bearish trading inside the descending channel in red.
However, it is currently approaching a strong support level at $8 and the lower red trendline, so we will be looking for buy setups on lower timeframes.
In parallel, for the bulls to take over in the medium-term, a breakout above the last major high at $9.4, marked in red, is necessary.
In such an event, we anticipate further bullish movement towards the $11 resistance.
AptosLaunch Token (ALT)
ALT is the Utility Token for the AptosLaunch Ecosystem.
AptosLaunch is the first decentralized launchpad on the Aptos Network. With Aptos building the safest and most scalable Layer 1 blockchain for the next billion users, AptosLaunch is engineered from the ground up to empower Aptos project owners.
Technical Analysis of ALT
After a 300% surge, ALT has entered a correction phase and is currently trading within a descending channel outlined in red.
Currently, ALT is approaching a robust demand zone at $0.02, prompting us to search for potential buy setups on lower timeframes.
In parallel, for the bulls to regain control in the long term, a breakout above the red channel is required.
Cetus Protocol (CETUS)
Cetus Protocol is an innovative decentralized exchange (DEX) and concentrated liquidity protocol. It specifically targets Move-based ecosystems such as Aptos and Sui.
It also serves as a vital component of the ecosystem infrastructure to meet the diverse requirements of traders, liquidity providers (LPs), developers, and derivatives products, spurred by the growing adoption of DeFi.
Technical Analysis of CETUS
According to our previous analysis outlined in the SUI article, CETUS successfully broke above the previous major high at $0.1 and traded higher, ultimately reaching our target at $0.15.
For the bulls to maintain control and take over from a long-term perspective, a breakout above the $0.15 resistance level is necessary.
However, bears can still kick in, particularly if the last low marked in orange at $0.1185 is breached downward. In such a scenario, we anticipate a movement towards the $0.085 support level.
Tortuga Staked Aptos (TAPT)
Tortuga Finance is one of the only places where you can stake APT.
Tortuga also issues tAPT (Tortuga Staked APT) which allows you to stay staked while participating in the Aptos DeFi ecosystem.
Technical Analysis of TAPT
TAPT has been trading within a range, oscillating between the $4 support and the $7.65 resistance.
To establish long-term bullish control, a breakout above the $7.65 resistance level is required.
Meanwhile, as TAPT approaches the $4 - $4.5 support zone, we will be looking for short-term buy setups on lower timeframes.
Mover is the first cross-chain bridge and messaging protocol that will connect Aptos to other blockchains.
Mover operates as a decentralized, permissionless, and trustless network of nodes capable of locking assets on one chain and swapping them for assets on another chain.
Technical Analysis of MOVER
After rejecting the $0.1 round number, MOVER has been overall bearish. However it is currently approaching a strong demand zone at $0.014.
For the bulls to regain control and initiate the next upward impulse, a breakout above the last major high at $0.047, highlighted in orange, is needed. In such a scenario, a movement towards $0.1 would be expected.
Meanwhile, MOVER is expected to remain bearish, with a movement towards the $0.014 demand zone anticipated.
Thala is a decentralized finance (DeFi) protocol native to the Aptos blockchain. The protocol revolves around two key products: Move Dollar and Thala Swap.
THL is the governance token of Thala, where token holders can vote on crucial decisions and enact protocol-wide changes.
Technical Analysis of THL
THL has been overall bearish, trading inside the falling channel marked in red.
To shift the momentum from bearish to bullish, a breakout above the upper red trendline and last major high at $0.71 is needed. In this scenario, a movement towards the $0.1 round number would be expected.
Meanwhile, until the bulls take control, THL would remain bearish and could potentially trade lower to test the lower red trendline and $0.5 support zone.
Why is APT The Coin of the Week?
Whether you're a seasoned blockchain enthusiast or a curious noob, consider adding Aptos to your portfolio – because in a world of uncertainty, trust, and transparency, Aptos is your ticket to a decentralized future.
Especially that APT is approaching a strong support at $8 and a non-horizontal support, providing us with a good opportunity to capitalize on the upcoming bullish impulse.
Yet, it's not solely about market dynamics; numerous projects have emerged atop this distinctive blockchain. So, it's important to highlight the crucial role APT plays in encouraging a dynamic synergy between innovation and community across its vast network.
Thanks for tuning in to this week's coin of the week! We appreciate your readership and enthusiasm for exploring the crypto landscape with us.
Join us next week as we unveil another exciting project worthy of attention. In the meantime, don't miss out on our Discord community, where you can engage in 24/7 trading calls and immerse yourself in all things crypto alpha.
See you next week for another coin of the week! 🚀