Defi

Aptos

Momentum

Gains

<ul class="list-ic vertical"> 
 <li> 1 <a>Aptos (APT) price action signifies bearishness and is replicating underperformance.</a> </li> 
 <li> 2 <a>Sellers are eyeing to break the immediate support zone of $7 to extend the downfall.</a> </li> 
</ul> 
APT is on a bearish track. It is witnessing severe selling pressure over the past few sessions. The price action shows follow-on decline as buyers look trapped. 
Moreover, the Aptos price dragged to the oversold region and depicted a sharp cut of over 55% last month. Still, the sentiments were negative, and no signs of recovery have been shown yet. 
At press time, the Aptos traded at $7.87 with an intraday drop of 0.90%, reflecting bearishness on the charts. It has a monthly and yearly return ratio of -18.90% and -8.80% respectively, highlighting a long-term downtrend on the charts. 
The pair of APT/BTC is at 0.000126 BTC, and the market cap is $1.03 Billion. Analysts are bearish and suggest that the Aptos price may continue to drag the gains and will continue to showcase bearishness. 
<h2 class="wp-block-heading" id="strong-can-aptos-apt-settle-gains-near-the-8-mark-strong">Can Aptos (APT) Settle Gains Near the $8 Mark?</h2> 
The daily charts of the Aptos (APT) token indicate a sharp distribution from the top, and a significant downfall was experienced amidst market correction. This week, the token tried to rebound but failed to bounce and remained close to $8. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/WyU-t8fx-ijl6M4STr5AY8qPoLk2KkLDbWcfpsGFyTe5qJPtEAXLFNH9HWbyXP552YI-z8--4h3q-3fAb29oxJ2btT0U5ohrhg0YFKyHIt8HNfTHkIH5HHytXa_O_DV1BlA1Hg0jepgYK68G7dIL9gQ" alt="">
</figure> 
Source: Messari 
For weeks, the trading volume significantly decreased, highlighting a drop in investor interest. This week, the trading volume dropped over 23.38% to $107.22 Million. Buyers have lost momentum and remained on the back foot, signifying the seller’s dominance on the charts. 
The Momentum Indicator (Relative Strength Index) RSI curve remained in the oversold region, highlighting a negative divergence on the charts. 
<h3 class="wp-block-heading" id="strong-daily-transaction-activity-showcased-bounce-strong">Daily Transaction Activity Showcased Bounce</h3> 
Amidst the price drop, daily transaction activity of the token bounced, implying a positive outlook. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/kwJd5zTRhbv76BQ3wgYAGFDeQo_mh63GGc-vgQu5Z3SWi9tuyJnVvxEAHR1x_GI47vvfHbGZTqVo6M6c1tyzuUKDd2hVXquUEXhYiX5Wuos2PjxrHlzB4rgiyH-PSY6mk6-iLCrmOdDN_JpiXQa4FaM" alt="">
</figure> 
Source: Artemis 
Per the data, the transaction value surged over 34% to 1.6 million in the last seven trading sessions. 
<h3 class="wp-block-heading" id="strong-qoq-metrics-data-highlights-growth-in-defi-tvl-dex-volume-strong">QoQ Metrics Data Highlights Growth in Defi TVL, DEX Volume&nbsp;</h3> 
In a recent tweet by Messari on X, Aptos Q1 2024 update showcased tremendous growth. 
In this QoQ (Quarter-on-Quarter) update Aptos highlights a growth in the<a href="https://www.thecoinrepublic.com/2023/01/15/dex-trading-volume-remains-dull-in-new-year-uniswap-leads/" target="_blank" rel="noreferrer noopener"> DEX trading volume</a> over 512%, while in the Defi TVL, a surge over 376% was noted.&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 State of <a href="https://twitter.com/Aptos?ref_src=twsrc%5Etfw">@Aptos</a> Q1'24 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f310.png" alt="🌐" class="wp-smiley" style="height: 1em; max-height: 1em;"> Key Update: User experience improvements via the JamboPhone launch, Keyless &amp; Passkey accounts, and sponsored txs. QoQ Metrics <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> – DEX Volume <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b06.png" alt="⬆" class="wp-smiley" style="height: 1em; max-height: 1em;"> 512% – Stablecoin Market Cap <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b06.png" alt="⬆" class="wp-smiley" style="height: 1em; max-height: 1em;"> 96% – DeFi TVL <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b06.png" alt="⬆" class="wp-smiley" style="height: 1em; max-height: 1em;"> 376% Read the full report <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2b07.png" alt="⬇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/EZvpohCaWa">https://t.co/EZvpohCaWa</a> <a href="https://t.co/8ak4YxrnBi">pic.twitter.com/8ak4YxrnBi</a>— Messari (@MessariCrypto) <a href="https://twitter.com/MessariCrypto/status/1790054769450504684?ref_src=twsrc%5Etfw">May 13, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
Source: Twitter 
Meanwhile, the stablecoin market cap rose over 96%, replicating the overall positive outlook in these updates. 
<h3 class="wp-block-heading" id="strong-futures-oi-data-outlook-strong">Futures OI Data Outlook</h3> 
The intraday futures derivative data highlights the long unwinding activity, and the open interest dropped over 1.89% to $110.20 Million. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="249" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-187-1024x249.png" alt="" class="wp-image-205691" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-187-1024x249.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-187-300x73.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-187-768x187.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-187-750x182.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-187-1140x277.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-187.png 1423w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
Source: CoinGlass 
The immediate support levels for the APT are $7.60 and $7.20, whereas the key upside hurdle is around $8.20, followed by $8.50. 
<h4 class="wp-block-heading">Conclusion</h4> 
APT is trading in the downside trajectory and reflects the underperformance on the charts. Meanwhile, the token has corrected over 50% and may soon show a short-term pullback. 
<h5 class="wp-block-heading">Disclaimer</h5> 
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;

Aptos Price Prediction: APT Looks Bearish, Still Up To The Bears?

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