Aptos, a Layer 1 Proof-of-Stake blockchain, has recently witnessed a surge in its price despite broader market instability. A recent report highlights a significant increase in network activity, leading to speculation about the future potential of the Aptos price. This uptick in performance is notable, showing strong signs of recovery for the market.
Aptos Price Surges as TVL Tops $350 Million
According to DefiLIama data, the Aptos community recently reacted favourably to market developments. This positivity was marked by the Total Value Locked (TVL) in Aptos momentarily exceeding $350 million. This spike occurred during a market recovery phase. Presently, the TVL stands at $352.38 million.
Over the past 24-hours, the layer one cryptocurrency has experienced notable volatility, trading in a range of $5.47 to $5.88. At the time of writing, the APT price hovered at $5.75, marking a strong surge of more than 5% during the European trading hours.
This movement reflects a significant rebound from its all-time low of $3.09, recorded nearly two years ago, showcasing a recovery momentum in the crypto market.
Is the $6 Resistance Level Soon to Break?
Aptos price may experience a significant surge if it surpasses the $6 resistance level. This breakthrough could propel it toward the $7 threshold. If this upward trajectory continues, it might pave the way for the pivotal $10.00 resistance level.
The 4-hour technical indicators for the Aptos price show varied signals. The price chart exhibits a recent bullish trend, characterized by an upward channel formation that indicates increasing buying pressure.
The Relative Strength Index (RSI), currently at 59.21, remains below the overbought threshold of 70, suggesting that there may still be room for upward movement before the asset becomes technically overbought.
Conversely, the Awesome Oscillator (AO) presents a contrasting view. After a period of bearish momentum (red histograms), there’s a recent shift to bullish momentum (green histograms), as indicated by the positive AO value of 0.47.
On the other hand, a market downturn could push the Aptos price down to the $5.7 support level. If the bearish trend persists, its value might decline to approximately $5. Such a decrease would suggest that the market is entering a bearish phase.
The post Aptos Price Eyes $10 as Market Recovery Fuels Investor Optimism appeared first on CoinGape.
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