Aptos (APT) has advanced more than 100% since the beginning of January 2023, rising from a low of $3.41 to a high of $8.83. But where is the price of APT going next, and what can we expect from the first quarter of 2023?
The current price of Aptos (APT) stands at $7.90, which is still approximately 24% off from its record highs that were registered in October 2022. Today, Crypto Lists will discuss APT price estimates from a technical and fundamental analysis perspective.
Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin you got if trading with leverage.
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- 1 Aptos enables mass adoption in the Web3 era
- 2 A powerful network
- 3 The Fed still looms large
- 4 Technical analysis for APTOS (APT)
- 5 Important support & resistance levels for APTOS (APT)
- 6 What speaks for the rise in the APTOS (APT) price
- 7 What indicates the downfall for APTOS (APT)
- 8 What analysts and experts say
Aptos enables mass adoption in the Web3 era
The rise of blockchains has led to developers deploying tens of thousands of decentralized applications at rapidly growing rates but to enable mass adoption in the Web3 era, blockchain infrastructure needs to follow the path of cloud infrastructure as a trusted, scalable, and cost-efficient.
Aptos blockchain has been designed with scalability, safety, reliability, and upgradeability as key principles, and the combination of these technologies provides a fundamental building block to bring Web3 to the masses.
In order to maximize the network’s security and scalability, Aptos utilizes the Move programming language, which was created as part of Meta’s effort to launch the Libra blockchain. To achieve high throughput and low latency, the Aptos blockchain fully leverages all available physical resources, improves hardware efficiency, and enables highly parallel execution.
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A powerful network
The Aptos team claims that its network can process over 150,000 tps, and by comparison, Ethereum’s mainnet tps is around 12 to 15. Most blockchains execute transactions sequentially, which means that a single failed transaction or high demand on the network could hold up the entire chain, while in the case of Aptos, failed transactions are either re-executed or aborted.
The modular design of this blockchain supports client flexibility and instant upgrades. Moreover, to rapidly deploy new technology innovations and support new web3 use cases, the Aptos blockchain provides embedded on-chain change management protocols.
APTOS (APT) is the native token of Aptos, and it is important to say that the total supply of this token is limited to 1 billion. The past trading week has been incredible for this crypto, and the price of APTOS has more than doubled since the beginning of January 2023.
The Fed still looms large
Many cryptocurrencies have also been able to successfully make their way out of a depressing bear trend, but after a rapid rally, we usually see a market correction. Investors should continue to take a defensive investment approach early in 2023 amid expectations of “some market turbulence” from looming recession concerns and macro uncertainty.
The US stock market remains under pressure this Thursday after concerns the Federal Reserve will maintain its aggressive path of rate hikes, and many analysts expect a global recession that could hit financial markets again. The cryptocurrency market is correlated with the stock market, and if a downtrend is witnessed in the stock market, the same is usually replicated in the crypto-sphere as well.
Analysts now expect year-over-year earnings from S&P 500 companies to decline 2.8% for the fourth quarter, according to Refinitiv data, compared with a 1.6% decline at the beginning of the year.
“The earnings picture is looking weak and pointing to a recession. It seems that investors are finally concluding that getting inflation under control is not a free lunch and that all the tightening the Fed has had to do to get inflation moving in the right direction comes with economic costs.”
– Sam Stovall, Chief Investment Strategist, CFRA Research
Technical analysis for APTOS (APT)
APTOS has more than doubled in value since the beginning of January 2023, rising from $3.41 to a high of $8.83. The current Aptos (APT) price stands at $7.90, which is still approximately 24% off from its record highs that were registered in October 2022.
The past trading week has been incredible for this cryptocurrency, and as long the price of APTOS is above $7, we can’t talk about a trend reversal, and the price of APTOS remains in the BUY-ZONE.
Important support & resistance levels for APTOS (APT)
On this chart (the period from October 2022), I marked important support and resistance levels that can help traders to understand where the price could move. APTOS remains in a “bull” market, and if the price advances above $9, the next target could be located around $10. The important support level is $7, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $6.5. If the price drops below $6, which represents very strong support, the next target could be located around $5 or even below.
What speaks for the rise in the APTOS (APT) price
The amount of APT traded over the last two weeks saw a significant increase, and if the price advances above the resistance that stands at $9, the next target could be located at around $10.
Traders are accumulating APTOS despite the expectations of “some market turbulence,” and according to the technical picture, APT still has room for the upside. Traders should also consider that the price of APTOS is correlated with Bitcoin, and if the price of Bitcoin jumps again above $22000, we can see APT at a higher price level than the current price.
What indicates the downfall for APTOS (APT)
APTOS has advanced more than 100% since the beginning of January 2023; still, traders should keep in mind that the price can easily return to levels below $6. The bankruptcy of the FTX crypto giant continues to worry investors, while many analysts expect a global recession that could hit financial markets again. The current support level for APT stands at $7, and if the price breaks this level, the next target could be $6.5 or even $6.
What analysts and experts say
APTOS made sharp gains at the beginning of the 2023 year, but the main question is, does it have more bullish strength left, which depends on both technical and fundamental factors. According to technical analysis, everything indicates that the price could advance even more, but on the fundamental side, there are obviously macroeconomic factors driving the wider crypto market at the moment.
Scott Wren, a senior global market strategist for Wells Fargo Investment, said that financial markets are likely to experience market turbulence in the upcoming weeks, and traders should keep in mind that the crypto selloffs could gather speed if Bitcoin falls below the $20,000 mark.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
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