A massive $195m Aptos token unlock has triggered a tumble in APT price, as markets hesitate entering into the increased circulating supply, leaving some dejected holders asking ‘is APT going to zero?’.
The unlock happened on December 12, in a planned move that saw 24.8m released onto the market.
This comes amid further warning signs on-chain, as a drop in developer activity threatens to worsen the struggling APT price performance.
APT Price Analysis: As APT Unlock and Declining Development Dents Price Action – Is APT Going to Zero?
While APT price continues to push down, Aptos is currently trading at a market price of $8.24 (representing a 24-hour change of -3.9%).
This comes as price rejects -13% from an area of localized resistance around the $9 mark.
However, with steadfast under footing from the 20DMA, it seems likely that APT will soon reach a support zone around $7.70.
Meanwhile, the 200DMA remains low in the trading channel, still gradually descendant around $6.70.
As for the RSI indicator, severe bearish divergence last week has now cooled down to a more moderate 55 – suggesting that APT is now positioned for further gains in the trading channel.
This is a view matched by the MACD which is reading at 0.0771 in a display of minor bullish divergence.
Overall, Aptos looks poised here, despite the localized retracement, continual footing above a post-golden cross 20DMA could trigger a bounce to the upside.
Indeed, upside targeting leaves APT price aiming to push high to $10.20 (a possible +23.94%).
While downside risk could see APT price fall down to lower support at $7.68 (a potential -6.57%).
Aptos currently carries a consequent risk: reward of 3.64 – a strong entry characterised by significant potential for value accrual, and certainly not going to zero anytime soon.
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Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
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Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
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Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
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AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
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This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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