Aptos Token Makes A Skyrocketing Price! Is It A Price Manipulation Or A Market Trend?
The altcoin market has been on a solid uptrend, and Aptos looks to build a significant user base by surging to an all-time high. The latest support from the community has pushed the APT token to be one of the top-performing digital assets, as it has spiked nearly 250% since the beginning of the new year. Aptos, which is also known as the ‘Solana Killer,’ has caught the attention of market traders since its launch in October 2022. However, the unexpected surge in the APT price chart brings risks regarding price manipulation and a potential bull’s trap.
Is APT Price Pump Too Good To Be True?
Aptos became one of the emerging crypto projects in the Q4 of 2022 for being majorly focused on reducing gas fees in the network. Further development in achieving its goals may provide a positive impact on the token’s price.
However, the token’s price experienced a sudden spike which was brought about by crypto exchange Binance when its Liquid Swap service announced the news of expanding APT pairs with different markets, including BTC and USDT. The massive explosion in the APT price chart attracted analysts’ attention as it has raised questions about the integrity of the market and the motives behind the surge.
On-chain data provider, CoinGlass, indicated a significant selloff worth $129 million just before the surge. However, the Aptos token witnessed a notable spike in buying pressure just after the opening of short positions, weighing on price manipulation from whale investors.
What Next APT Price?
After a prolonged consolidation near the bottom range, the Aptos price made higher highs and lows and formed an ascending channel in the price chart. As Aptos is pulling itself out of the bearish mud with a solid recovery rally and trades at a favorable price point, it creates more hype among traders with its future potential.
As of writing, the Aptos token trades with high volatility above the $13 mark with an uptrend of nearly 10%. However, the surge may soon come to an end with a cooldown as the APT price is preparing for a pullback to the downside. A well-known crypto analyst, Smarter Trades, predicts that short positions will soon make profits as APT will pick up the throttle if the market takes a flip.
According to the analyst, the APT token has not gained much support in its recent price spike and has formed a crucial support level at $11.5, below which the token may trigger an intense bearish bloodbath. The analyst further predicted that a breakout below $11 may slump the token to trade near the bottom range of $8.6.
However, the overwhelming bullish trend from the Aptos network may be the beginning of an Altcoin season for which the entire crypto market has been waiting since the turmoil. Hence, we can say that the eyes of the market are now on APT’s upcoming movement, and investors are eagerly waiting for an astronomical high that Aptos will achieve ahead.