1. Macro Market Drag (Bearish Impact)
Overview: The total crypto market fell 4.19% ($135B loss) as Extreme Fear sentiment (15/100) and rising U.S. Treasury yields pressured risk assets. APT’s -3.01% drop mirrored this trend, though its 24h volume surged 39% to $191M, suggesting capitulation.
What this means: APT remains correlated to Bitcoin (BTC dominance: 58.34%), which fell 1% to ~$95K. With derivatives open interest down 9.2% sector-wide, traders reduced leveraged bets, amplifying downside.
2. Technical Support Breach (Bearish)
Overview: APT broke below its pivot point ($2.79) and 7-day SMA ($2.93), with RSI14 at 37.05 nearing oversold. The MACD histogram turned positive (+0.0088) but remains below the signal line, signaling weak momentum.
What this means: Bears regained control after APT failed to hold the 23.6% Fibonacci retracement ($3.33). Next support lies at the swing low ($2.40). The 30-day SMA ($3.13) now acts as resistance.
Key watch: A close above $2.93 (7-day SMA) could signal short-term relief.
3. Mixed Fundamental Catalysts (Neutral)
Overview: Positive news (Aptos’ Turkey staking deal with Paribu Custody on 17 Nov) clashed with bearish narratives, including a Bybit report (13 Nov) noting APT’s blockchain can freeze assets—raising decentralization concerns.
What this means: While institutional adoption (e.g., $150B+ processed by Paribu) supports long-term use cases, short-term traders focused on centralization risks and APT’s -40% 60-day decline.
Conclusion
APT’s drop reflects macro risk-off flows, technical breakdowns, and mixed sentiment toward its institutional growth vs. protocol governance. Key watch: Can APT stabilize above $2.40 swing low as fear subsides? Monitor Bitcoin’s $95K level and APT’s RSI for exhaustion signals.