Aptos (APT) Continues Its Freefall Despite Korea Blockchain Week Hype

Although the market is attempting to rebound from its weak September start, some altcoins – including Aptos (APT) – continue to freefall despite the bulls’ attempts to make a return.

Aptos (APT) continues to experience a downturn despite the market’s attempt to recover from its weak September start. According to CoinGecko, the token has underperformed, dropping 15% since last week.

However, Korea Blockchain Week has generated buzz for Aptos, revealing several on-chain developments. Positive on-chain activity bodes well for the platform’s long-term growth.

At the time of writing, APT bulls are trying to gain short-term control of the token’s momentum. But the bears are pressing their advantage, targeting $5.74 in the short term after flipping the $6.12 support to resistance.

The market’s continuous downward trajectory is the primary reason for APT’s underperformance. Driven by FUD from the broader financial market that bled to the crypto market, APT might face continued losses in the coming weeks.

Aptos’ relative strength index (RSI) suggests that the token’s downward trajectory will continue well below the $5.74 support level. If this occurs, it might lead to a bigger sell-off localized on APT’s market.

This thesis has a larger possibility to occur as CoinGlass notes that short positions outnumber long positions in the past 24 hours further strengthening the token’s bearish trajectory.

Investors and traders should monitor the coming release of macro indicators due today. As the markets continue to price in a broader downturn, positive macros will provide the needed boost for both the traditional markets and the crypto market in the long term.

Meanwhile, several interesting developments have taken place during Aptos Experience at Korea Blockchain Week. Arculus, a digital security platform, partnered with Aptos for the platform’s Aptos card, enabling tap-to-pay on Aptos.

On-chain, Aptos has also expanded since the year began. According to Head of Ecosystem of Aptos Labs Neil Harounian, the platform has recorded $2 billion in bridged volume, with the total value locked (TVL) on chain ballooning 3x since the end of 2023.

The panel on stablecoin and payments at Aptos Experience featured representatives from Visa, PayPal and ID Afi24, discussing the implementation of stablecoins to solve real-world problems.

With the ecosystem continuing to innovate and expand through on-chain development, Aptos could still grab a spot in the long-term side of the market.

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