– Aptos price should expect volatility soon even after rising almost 50% since the markets turned bullish on October 18.
– 24.84 million APT tokens are due to flood markets on November 12 with the expectation that some recipients will pursue quick profit.
– A retest of the $6.22 support level seems likely, in the highly bearish case.
– The bearish thesis will be invalidated upon a daily candlestick close above $8.00.
Aptos (APT) price is among the biggest gainers in the cryptocurrency market rally that kicked off on October 18.The price rose steadily but has since eased with traders waiting to see the impact of the cliff unlocks event due November 12.
Also Read:
SUI, Aptos and ApeCoin holders gear up for $204 million token unlocks in November
Aptos price rally eases ahead of cliff token unlocks
Aptos (
APT) price is not moving as fast as it was last week, with the network’s calendar showing a cliff unlocks event set to happen on November 12.On Sunday, 24.48 million APT tokens worth approximately $181.35 million will flood the markets, allocated to the foundation, core contributors, investors, and the community.
Representing almost 10% of the entire Aptos token supply, the unlocks are bound to cause
volatility in the market as some of the recipients, investors, core contributors and the community are likely to be chasing immediate profit.
Aptos token unlocks
Crypto token unlocks are typically considered bearish events for asset prices.This is because when the unlocked tokens enter circulation, they increase the selling pressure on the asset across cryptocurrency exchange platforms as recipients look to make a profit.
Aptos price forecast with anticipated selling pressure
Aptos price could revisit the $7.00 psychological level in the next few days amid mounting selling pressure as investors look to escape being caught in the exit liquidity.In the dire case, the slump could extend to the $6.22 support level.
Both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) show the push-pull between the bulls and the bears, with each cohort competing for dominance ahead of the unlocks.
APT/USDT 1-day chart
Conversely, increased buying pressure could see
Aptos price extend north, to tag the $8.00 psychological level, or higher to test the $9.00 level, last tested in June.
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